The EURUSD currency pair came under intense pressure on Monday, July 19. However, in addition to the single European currency, virtually all other risk-sensitive currencies buckled against the dollar yesterday and turned lower. Equities, commodities, and cryptocurrencies were also forced to bite the bullet.

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Notably, yesterday's pullback in the pair was not linear but looked more like a roller coaster ride. The price action started off in the vicinity of 1.1805. By the outset of the North American trading session, the pair dropped to 1.1765, retracing to its April 5 low. This was followed by a sharp spike up to 1.1825, which was followed by another plunge to 1.1798 by the close.

On Tuesday, EURUSD remained under pressure as the bears managed to push the pair down to 1.1772, although it later recovered to 1.1790. That said, in the medium term, since the end of June, the pair has continued to trade within a descending channel. If the current trend persists, the next downside target will be 1.1704.

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