The currency pair is moving within the yellow channel, starting from its walls. During the previous trading week, we saw the price rise to the upper yellow bound, after which there was a rebound and the price fell slightly. It is possible that the bears opened the way to the support level of 1.083, which is located on the lower bound of the yellow channel. Confirmation that the price is headed to this level will be the break of the moving average around the level of 1.099. However, while the bears are doubtful, the bulls can take control of the situation and raise the price to the upper yellow bound and the resistance level of 1.105. In case of a break above this level, the descending scenario will be canceled. If the price pushes down from 1.105, then in the case of the moving average break, the decline can continue to the lower yellow wall.
