Breaking below 1.34800 - a fake out or true break out

Updated
1.34800 is a must hold level for the bulls ,
breaking below it on Wednesday, and
trying to get back above it on Thursday.

and now testing the upper channel of a descending Channel Formation.

its a opportunity to witness this price action and use out entry criteria to enter the trade.
Trade active
snapshot

Price action in the 5Min TF does not in agreement with its Volume ,
Chart PatternsParallel ChannelTrend Analysis

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