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  • EUR/USD closed the third quarter with a 4.3% gain. 
  • Euro remains suck in a decade-long descending channel. 

EUR/USD ended the third quarter with 4.3% gains, the biggest single quarter percentage gain since the April to June period of 2017 when the currency pair rose by 7.14%. 

However, despite the impressive quarterly gain, the pair is still trapped in a decade-long bearish channel. 

A break above 1.19 is needed to confirm a long-term bullish breakout and allow a re-test of the February 2018 high of 1.2556. 

On the downside, the September low of 1.1612 is the level to defend for the bulls. A violation there would shift risk in favor of a drop to the former hurdle-turned-support at 1.1495 (March high). 

The pair is currently trading at 1.1725. 

3-month chart

Trend: Bearish

Technical levels