From a current perspective I see two potential scenarios:
1 - Bearish: Because the underlined red structure is considered to be a key daily/weekly level, a strong bearish swing may initiate from that. To catch it, wait for a bearish breakout of a rising parallel channel. It will be a trigger for a bearish continuation.
Next support will be 108.6
2 - Bullish: The market is trading in a long-term bullish trend. In case if the price breaks and closes above the underlined area, we will expect a bullish continuation to the next pivot.
Next resistance will be 111.7
Wait for a trigger and then follow the plan.
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