This is a weekly chart that we are trying to find out some clues for buyers of EURUSD. And more details could go back to this idea: The bottom red zone is a support zone that EURUSD has tested twice on weekly chart. One of them is a fake breakthrough. Consider the red zone is a valid support zone for both weekly and daily chart, now we are looking for an entry to join a long trade to reach the blue zone AND THE HIGHEST RED ZONE.
The blue channel is only a measure tool for a corrective wave to reach, it could means nothing later.