EUR/USD - Daily Channel Breakout - 4H Channel Test

Required Daily Process

Part 1 - The Overview
1) 1D/4H IT - Bullish
2) Price is currently in the Daily Resistance Zone, which offers confluence with the top of the 4H channel.
3) A very old Daily channel has been broken, but I am not convinced of continuation as we have seen multiple deviations from the range since COVID.
4) Monthly Sentiment - Bullish / Weekly Sentiment - Bullish

Part 2 - The Day-2-Day
5) 15M/1H MS has remained organized.
6) The previous day's Value Area (VA) could be revisited as support in the next 1-2 trading days. Or sooner depending on how this 4H channel holds
7) Rejection VA is developing today, with sellers coming in at the highs.
8) A retest of the recent day's VA, confluent with channel boundaries would be a long opportunity, at the very least for tight profit targets.
9) 38.2%/50% of the last rally can be found right under the channel high. At this position i am only comfortable taking scalping positions.

Part 3 - Execution
10) Alert set on daily channel boundary. No orders set.
11) My current thesis is price sits at a decision point. Whether we make a full move outside the range (take weekly Resistance), or does price close back inside the channel.
12) Prepared to wait for a full position. Comfortable with scalping in the direction of the existing trend..