Within the framework of a large green channel, the currency pair moved down for a long time. Then, after the rebound from the lower green wall, we saw a sideways movement of the market. It is likely that slowly but surely the price is approaching the top of the green wall.
It is likely that in the event of a break above the resistance level of 1.038, which forms the red line of the moving average, the market growth will continue to the upper green bound and the resistance of 1.050.
However, in the event of a rebound from the bound of 1.038, we can expect a decline to the 1.015 area. So, let’s continue to monitor how the currency pair will behave in the future.