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A Channel Up has formed, EUR/USD is approaching support. Can we expect a breakout and the start of a new trend or a reversal?

EUR/USD - getting close to resistance of a Channel Up
EUR/USD was identified at around 1.04305 having recently rebounded of the support on the 1 hour data interval. Ultimately, the price action of the stock has formed a Channel Up pattern. This squeeze may increases the chances of a strong breakout. The projected movement will potentially take the price to around the 1.0454 level.

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