Looking at the higher timeframes i see price respecting the grey descending trend line. As we approach the new year we can see price is at a previous resistance (1.12594) which has been broken and now being retested as support, if you check the lower time frames you can see a lot of rejections in that zone. The price needs to break the blue descending trend line in order for a long trade however i will be waiting for a bullish engulfing on the 4hr or daily and then most probably a pullback then go for the long and ride it till 1.19000 or 1.20345.