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The European currency behaved in line with our expectations, rebounded from the upper part of the channel and reached its lower level, then rebounded again.

However, we currently assume further growth after the condition of leaving the channel upwards is met. Then the possible range is estimated at 500 pips, which will coincide with the resistance of August 2010 and January 2012.

One more picture for learning investors to understand how the level was set;

However, if the channel is broken in its lower part, we must prepare for a deepening of the price level at least to the designated trend line

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