For a long time, we have seen a smooth decline in the price in the direction of the lower bound of the yellow channel. We see that the bears have reached this wall.
Now the market is at a crossroads, or we will see an upward movement and a break of the resistance level of 0.660, which forms the upper bound of the green channel, in this case, the way will be opened for the bulls in the direction of the resistance level of 0.685, which is on the upper wall of the yellow channel.
Either the bears will break through the 0.652 support below. After that, we can expect a strong bearish trend near the support level of 0.632, which is on the lower green bound.
So, let’s see how the currency pair will behave near the important support level of 0.652.