EUR/USD: Descending Channel

EUR/USD, 1 hour    LONG Oct 13
There is a descending channel distinguished and the price is about to break out. A descending channel describes a bullish price pattern that is angled down that is used to identify the bears have run out of steam in case if price breaks through the resistance. It is possible that a bullish price action towards 1.156 will occur on a breakout of the descending channel as outlook for EUR/USD stays positive.
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