EurUsd: Breaking out of the channel, or bouncing back in?

FX:EURUSD   Euro / U.S. Dollar
The EurUsd             closed last week a very bullish week, caused by the weakness of the dollar, mostly due to a bad job report. On Friday, it broke out its monthly trend in blue, which drove it to the top of the channel. The EMAs are converging upward, announcing the emergence of a new bullish monthly trend, should the EurUsd             sell its 1.14307 resistance level , which will erase most of the losses it has upheld since the middle of August.

The EurUsd             is confronted to two choices. It will either breakout the channel, with 1.1477 as a main objective, and 1.14307 as a primary objective. Or, it will head towards the bottom of the channel, with 1.12239 as an objective, and 1.12988 as a primary objective.

On a daily scale, The EurUsd             will have 1.14307 as an objective, should it breakout 1.13884. Failing to breakout the channel will send it south towards 1.13038, with 1.13387 as a primary objective.

The Descending triangle , which consisted of its blue trend line and the 1.11118 support level , is rejected.

The daily Pivot Point is around 1.13356. The daily support levels are around 1.12840 and 1.12156. The daily resistance level are around 1.14040 and 1.14556.
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