Hi traders,
the EUR/USD made a bullish breakout and is retracing back to the broken zone (blue box) as expected. This support area is a new decision zone for a bullish bounce and continuation or a bearish breakout below the uptrend channel.
The EUR/USD is now at the bottom of the uptrend channel and a bullish continuation (check 1 hour chart) could see price move towards the top of the channel and even towards the Fibonacci targets of wave Y vs W. However, a bearish breakout below the channel and support zone (blue box) could indicate a bearish retracement.
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Good trading, Chris Svorcik
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