EUR/USD in an Upward Channel

The recent upswing of EUR/USD brought it out of our projected (green colored) Down-Channel into an emerging (orange-colored) Upward Channel. While there is still some probability of the Down Trend re-asserting itself this side of Christmas, there is a strong possibility that the current Upward movement will become a break-out from the long-term Down Trend and re-establish the longer term Up Trend.