Initially, we were expecting for the price to re-visit the 1.093 area of resistance before initiating a full-scale drop and reaching the 1.07 area of crucial support that aligns with the 0.618 Fibonacci retracement level. Now that the price has nicely lined up at the local support level, we are awaiting some confirmations and a nice bottom formation before executing long positions and aiming for the level plotted on the graph (lower barrier of the broken channel that acts as resistance now)