Long Term Channel Holds Support

FX:EURUSD   Euro / U.S. Dollar
161 0 1
Price has completed and shown respect for the lower band of the
large sloping channel that began in 2008. A natural level for a
corrective bounce to find resistance lays by the 61,8 fib around
1,12. This level is also the target of a lower tf ABCD pattern .
A close above 1,12 will relief downward pressure and target
Yearly S1 at 1,1450. A close above Yearly S1 may hint that
a longer term bottom has been put in place around 1,0450.
A monthly close below Yearly S2 suggests a retest of the
low. Previous months bearish close below Yearly S2 could
point to that happening already current month, still the support
by the channel favours a correction going forward.
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