EUR/USD Could Not Break Out Above The Resistance At 1.10. What Follows Next?

EUR/USD was moving to the upside very slowly, but it met a strong resistance at 1.10, which is visible on all the larger time frames:

the monthly one: 

the weekly one:

and the daily one, and it began a correction to the downside.

On the daily time frame so far the pair is moving within a clear trend channel.

Here there are several scenarios for the medium term: a slow move to the downside toward the support trend line of the channel and then a new rally or a period of consolidation and then a break out above the resistance trend line and a rally toward 1.15.

There is, also, a third scenario: a drop toward the support trend line, a breakout below it and then a drop back to the support at 1.04. In my opinion, the last scenario is the least probable one.