At first glance is seems to be struggling to break above it, which is a sign. Having previous crossed above the 1D MA200 (orange line), the price action resembles that of late June, 2019 (circles on the chart), which also struggled to break into the Lower High zone (above the dashed black line) and was eventually rejected towards a new Lower Low within the 1M Channel Down.
We are expecting a similar behavior, as on top of that, the 1D failed to break above a 6-month . Short term traders may target 1.10650 and 1.09900 in succession. Long term traders can aim within 1.08900 (previous Lower Low of the 1M Channel Down) and 1.08440 (May 11th, 2017 Low).
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