EURUSD Channel formation and potential target levels

EURUSD is in a channel after a wild rally. After a first leg of this potentially longer lasting uptrend move the price went down to fib 0.382 @1.0804 when first profits were taken by early sellers.

Uptrend move is likely to continue after a small break and consolidation. If the price breaks out from the channel it might form a ABCD pattern somewhere near 1.1265. Potential targets and SL are shown in the picture.