Minor EUR/USD Descending Channel

EUR/USD has formed a downward channel on its daily chart. The currency pair is declining since March 19, following an uptrend that lasted for a month and a half. It is now natural to expect a tradable bullish breakout from the current channel pattern.
As you can see on the image below, the descending channel is marked with the yellow borders. The entry level that I will use is located above the upper border and is marked with the cyan line. My potential take-profit level is depicted with the green line above the entry. The lower entry/TP lines were added for the sake of symmetry and will be ignored in my trading. Although you surely may try using a bearish breakout here, I would assume the pattern to be invalidated upon the price reaching the lower entry line.

The SL and TP levels depicted above have been built using my Channel Pattern script. You can download my MetaTrader 4 chart template for this EUR/USD pattern. I will use my free Chart Pattern Helper EA to trade this pattern.
Update 2014-04-08 16:28 GMT: Long position triggered at 1.37945 just four hours ago. Stop-loss is set to 1.3737, while the current take-profit level is located at 1.39151. The actual take-profit level will probably be lower, as the TP line slowly approaches the entry level with each day passed. As you can see, the breakout was rather strong:

Update 2014-04-11 09:05 GMT: Take-profit triggered at 1.38928 about 9 hours ago. The price just rallied to my target:

If you have any questions or comments regarding this ascending channel on EUR/USD chart, please feel free to submit them via the form below.

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