Although today's price levels seem to be the edge of the monthly channel, previous fake breakouts shifted the channel bottom to a new level (red line). Speaking for this month the new cliff edge has become 1.065 for EU.
If price can't bounce today we can guess it wants to retest the new lower edge of the monthly channel.
Price quickly rises. Soon, once price pierces above 1.12 I will look for a short entry around 1.1225. If price gets there I will short only with a confirmation on a smaller timeframe like the H1 or M30. No rush!
I roughly marked the dips and peaks of some of the candles and it is clear enough to see that on higher levels price can move much easier. The purple area was very annoying and with all the green lines inside that area we can understand why. Hopefully once we break through the red zone price will move high much faster.