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    EUR/USD: falling to base of channel – threatening downside break

       
    The pair has broken lower with breathtaking speed and the rapidity over the last 24-hours.

    It has just found support from the lower channel line of a rising channel; it looks like it will probably break down out of this channel, and if so then that will be a bearish trend-change signal.

    Such a break would be confirmed by a break below the current day lows at 1.1159, with a target at
    the 61.8% extrapolation of the height of the channel down, giving a target at around 1.1050.

    Alternatively, given the correction is still only composed of three legs it could be a sharp a-b-c pull-back of the dominant up-trend, and so therefore leaves open the possibility of a recovery move within the channel, back up to the highs.
    EURUSD19

       
    The pair has broken lower with breathtaking speed and the rapidity over the last 24-hours.

    It has just found support from the lower channel line of a rising channel; it looks like it will probably break down out of this channel, and if so then that will be a bearish trend-change signal.

    Such a break would be confirmed by a break below the current day lows at 1.1159, with a target at
    the 61.8% extrapolation of the height of the channel down, giving a target at around 1.1050.

    Alternatively, given the correction is still only composed of three legs it could be a sharp a-b-c pull-back of the dominant up-trend, and so therefore leaves open the possibility of a recovery move within the channel, back up to the highs.
    EURUSD19


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