Legend for price level, , and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > Level
D1 and H4 are both showing the overall trend is still down with price holding far below MA200.
However, in D1, price seems hold and currently rejected up with pattern from major D1 1.66845-1.67683.
In H1, for the last 1-2 weeks, price is forming a major Falling slightly above major D1 .
Currently, price is just hovering around upper line and slightly below MA200.
It looks like the price is building some momentum.
If price break out the confluences of (Channel, Price Structure, MA200) with great momentum to the upside, can consider to long the market to follow the trend reversal. Since the major trend is still down, maybe it is better to wait for the first pull back before entry.
For aggressive traders, can enter right at the break out level.
With Stop Loss 57 pips and Target Profit 117 pips, the potential trade offers 2.05 Reward-To-Risk Ratio.
As an alternative, if the momentum is still good when price reaches next 1.69240-1.69597 and continue breaks it up, Target Profit can be expanded to total 263 pips which offers 4.61 Reward-To-Risk Ratio.
Keep in alert if the downtrend continuation is going massive since the major trend is still down.