I always hesitate to say channel breaks are topping or bottoming formations. They very often signal at least a temporary end to the most recent trend. The significance of the break also seems to depend on how many times it's boundaries have been tested, the length of time within the channel, and the steepness of it. A very sharply sloping channel break will often mean another less sharp formation is being constructed.
However the upwards channel break in the EUR/USD with strong daily closes was not to be ignored. It is too early to tell if the larger major trend has finished but it is a warning short was not a place to be when this broke. Record numbers of futures net short Euro positions was also a bullish sign.
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