EUR/USD: bounce from the lower boundary of the channel?

As it can be clearly inferred from the graphical illustration, a massive downtrending channel has been formed and the price is currently trading at the lower barrier of it. From the looks of it, the price is on its way to touch the 1.048 area of demand once again, form a double bottom, then start its bullish movements. We will be closely monitoring the price action and waiting for more confirmations and confluences to be provided before going long and aiming for the initial target pictured on the chart. We have ISM Manufacturing PMI news (USD fundamentals) in a few hours. We need to take that into consideration as well before opening a positions on this one!

Happy new trading week and Eid Mubarak, family!