The market continues to decline smoothly within the bounds of the green channel. The currency pair is gradually moving towards the lower green wall.
Given that the price is now well below the red line of the moving average, we can assume that the bears have good potential and they will continue to push the price in a downward direction to the support level of 1.088. Thus, we could expect a bearish trend in the near future.
An alternative scenario can be implemented if the break is above the resistance level of 1.104, which is formed by the moving average. If this level is broken, the market may grow to the 1.108 area, i.e. to the resistance level that forms the upper bound of the green channel.
