EUR/USD in an "Up" channel?!

FX_IDC:EURUSD   Euro / U.S. Dollar
221 0
I know that channels can be tricky since it depends on where you connect your dots, depending on broker, which timeframe, connecting open/close or high/low...

For me however this up channel was confirmed when PA tested it earlier today. If anything, the lower boundary is a strong trendline which was tested 4 times already! Today we got a second test of the upper boundary imo .

I am currently short to catch a possible retracement since we had an almost vertical rally the last 3-4 days. I am however careful not to overdo it since the trend for now is clearly up and shorting is counter-trend!

I will be looking to get long after the current retracement, trying to get a decent entry for a possible move to my next target (1.1800). No good entering at market now, bad R/R ratio...

It will be interesting to see what happens when (or if !!) we retrace to the 1.1460/1.1470 level for possible clues and confirmation of the current upward bias.

Target 1 of my previous idea was reached!

Further targets for me for now are:
- 1.1800 >> 38.2% fib level of the big move down from May 2014 to March 2015
- 1.2000 >> psych level
- 1.2200 >> around 50% fib level of the big move down from May 2014 to March 2015 and possible psych level

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