First off this is a short term view. How accurate it is could get demolished by US retail sales or Greek news etc. I keep hearing the mention of a Head n Shoulders pattern. First off, it never followed through to the neckline. Could it still be in play? Of course, charts are rarely perfect. Second, there could easily be a channel in place. They are broken and re-entered all the time. Third, that's a pretty big bull
trend candle that has been turned into a range yet never closing below it's 61.8% retracement
. Finally notice the wick on the current candle. It came down to channel support and bounced reiterating the channel theory. My thought is that as long as we remain above 50% of the bar (1.12222) we are still moving higher.