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Since the pair already recently touched the lower boundary of the pattern it is expected that the down-trend's resistance at 9.8746 is the short-term target. Moreover, a break-out to the up-side is the base scenario for a channel down pattern since it is a reversal pattern. The possibility of a bullish break-out is increased by the market participants strong bullish conviction, as 73% of them think that the Europe's shared currency is oversold for the time being.
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