The market has been moving inside the green channel for quite a long time. After the price touched its lower bound, we saw almost a sideways movement of the price.
It is possible that the bulls are now gaining strength to send the price to the upper bound of the green channel and the resistance level of 1.054. However, it should be borne in mind that during the next trading weeks, we may not see a bullish trend, but a continuation of the market movement in a sideways manner.
In this situation, we should consider an alternative scenario, according to which the market may continue to move down in the direction of the support level of 1.020, which is on the lower bound of the green channel.
The approximate scheme of possible future movement is shown on the chart.