Nevertheless, due to the still ranging nature of this pair, I would not be surprised if it will start going upwards, because of the channel bottom support. But if it does, it must be a short lived swing, as the price will resume its downward path through the channel. On the other hand, if that channel breaks it can be a quite steep move down. Therefore we must be very cautious. It would be really unfortunate to miss a possible great trade as this. My analysis will be proven wrong if and only if the channel breaks upward, so that will be my stop. The take profit level will be near the level of the initial retracement.
Currently, price is approaching your take profit level at 1.25274.
I have identified a higher support level at 1.27332. It is a horizontal swing low support, with a 76.4% Fibonacci retracement and 100% Fibonacci extension. Looking forward to seeing how things develop.
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