If the 1D Channel Down breaks to the upside (right now the limit is at 1.10210), then the price by crossing the 1D MA50 (blue line) it can make contact with the 1D MA200 (orange line) and create the new Lower High (see the Lower High zone) within the 1M Channel Down.
If however the price breaks below the Lower Low zone (red shape) of the 1M Channel Down, then the 1D Channel Down can take EURUSD (smoothly or more aggressively which is our expectation) towards the ultimate Target Zone of the 2015/ 2017 Lows as seen on the chart. That is also the long term High and since it has been holding for nearly 2 decades, it should accumulate buyers.
We believe this is the overall picture on EURUSD , so it may be a useful guide on how to trade the coming months. Always formulate your trading plan according to your risk tolerance and account conditions.
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