A very nice example of how well parallel channels work. Price broke above of short term downtrend channel and retested it on Thursday and Friday and successfully bounced off it. 1.08 was a strong level not just as trendline support but also as horizontal support and 38.2 fib level as seen.
Do also be aware that we could see some resistance and indecision in the middle of parallel uptrend channel which is around 1.0960-1.0980 if price heads for 1.11
Do also be aware that we could see some resistance and indecision in the middle of parallel uptrend channel which is around 1.0960-1.0980 if price heads for 1.11