There is a high probability that EUR will eventually break out of the long-term descending channel.
* EURUSD has been squeezed in the downward sloping channel over the past year. However, this time, it has a good chance to break upwards and cancel out the recent formation. * The pair shows promising dynamic having reached a fresh October high of 1.1179 and confidently retaining the short-term bullish optimism. * On the 4-hour chart, the pair is showing signs of correction, which is projected to end up around 1.1080 on H4. However, the correction could also slide lower to 1.1050, where the 21EMA on the Daily chart is stationed. * RSI has eased from extreme overbought levels, while MACD doesn't signal any divergence so far. * At the same time, the bearish momentum could only return if the price closes lower than the 21 Daily EMA , which is a low probability scenario.
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