The technical patterns are incredibly similar to the 2008 global financial crisis. A breakout of the descending channel on the weekly is impulsive and results in a correction back towards the descending trend line. Well at least that's the theory. If that scenario plays out we should see this pair return to the 1.51 area coinciding also with the larger trendline as shown in the weekly chart.

Last week's candle is a falling star and suggests that we should see weakness in the euro this coming week. Plenty of pips on offer here if we do indeed see this play out. As mentioned previously, volatility is high, so patience is required if you are taking the longer term view.

Daily candlestick with fib levels:

Weekly candles with multiple leves and detailed channels:

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