I like that little formation, which currently is getting broken. I will try to keep it simple.
If the Daily will close above it, then I think there could be some potential to the upside.
But if it closes below (inside the channel) then I will be very careful, even thought the bias will change to the down side. The reason is that we have Mr Draghi speaking tomorrow at around 18:15 BST, so it could stir up a few things.
It did retrace today 23.8%. If that level won't be enough for it then aiming for higher at around 0.89600 . But, as I said, if it will get back into the channel, then I am looking for a bit of SELLing.
You can try and take a position, but we with a careful SL.
As always, keep an eye on the price action!