Test and rebound from 1.4850 could be used for entering mid-term long positions targeting 1.5180/1.5200 area.
Please remember that channel test and channel break are not the same. At the moment you were commenting instant price has declined below channel range. At the current moment it sits on the lower line. Which is right?
Look for close levels of 2, better 3, candles during the test. 1st candle close below level is a potential breakout. 2nd close is a confirmed breakout. If we have 1st close below line and 2nd close returns above it, most likely we are dealing with false breakout.