In the first week of 2020, the market continues to move within two upward channels: green and yellow.
Not so long ago, we saw a rapid growth of the currency pair to the upper wall of the green channel, after which the market turned around, and the decline began. It is possible that at the moment the bears are heading towards the lower green bound and the support level of 1.1119.
In the event of a break below this price level, the market will continue to fall towards the next important support level of 1.1067, which is on the lower wall of the yellow channel.
However, in the current situation, an alternative scenario should be considered, since the price recently pushed off from the red line of the moving average. If the alternative hypothesis is correct, the bulls may continue to gradually move up to the resistance of 1.1279.