Support zone & Sideways moving coming

The upper line of the channel should be support zone beside that it could reach 1.2450. So I wait for one more upside movement to a little new high to 1.2660 - 1.27 resistance. And after that coming a backtest once again so we should prepare for sideways trading. My view is on the Elliott pattern.

I do NOT like the pejorative phrases like OVERBOUGHT/ OVERSOLD in the trend, but in the sideways movement, I take the overbought/oversold situation seriously in bounded indicators like RSI, Stochastic etc.
So if I am right in the sideways view then Overbought will create a falling and vice versa.