1st scenario: next bar will even pierce through channel top and challenge R1. If this is the case, & are continuing to make lower high which resulting in more bearishness. Price might stall between & Resistance 1 for awhile before making a U-turn.
2nd scenario: next bar only enough to challenge and then consolidate for awhile and then make a big U-turn.
still & continue to make lower high.
Next anticipated support would be between 7490 - 7550, which confluence with S5 & Fibo 1.618 level.
Another indicator if you have forgotten-PRICE FLIES away from 8ema!
P.S. I won't rule out the very slim chance of price challenging R2.