Now the market is pulling back to retest the broken channel resistance, which is attempting to flip into support around the 1.24 to 1.26 zone. This is a classic breakout and retest structure.

If this retest holds and buyers defend the broken trendline, continuation toward 1.30 is likely first. A strong break above 1.30 opens the path toward 1.50 and beyond as momentum expands.

However, if price fails to hold above the broken channel and closes back inside the structure, that would invalidate the breakout and expose 1.14 to 1.12 support near the lower boundary again.

Right now this is a confirmation phase.
Hold above the retest zone confirms bullish continuation.
Loss of structure reactivates the downtrend.