As we monitor the EURUSD pair, it's crucial to recognize that we are presently within a downtrend channel since the start of the month. The price is currently forming lower lows and lower highs. Looking ahead to the second week of February, if we observe a rejection around the 1.07500 level, there is a possibility of a structural change that could lead to an upward swing. However, at present, the price needs to be tested at the 1.07500 level, ideally within this week, to gauge whether it might rebound and approach December's high of 1.11500. The future of the downtrend remains uncertain, and only time will reveal its trajectory. In the short term, my position is still on the short side.