price made a good retracement and is not at the previous touch of the descending trendline. a situation that can occur is a test and fall back to hit the lower trendline again. there is major support in the zone of 1.07 and aligns also with the extension level.
with a SSI number of 2.56 and 89% long in the traders-outlook, we can expect a push down to take the stop losses, create liquidity, accumulate and then push up.