Multi Year Sloping Channel Holds Support

FX:EURUSD   Euro / U.S. Dollar
72 0 2
Price has bounced off the well defined sloping channel going
back to 2008 and closed just above the 61,8 fib of large
multiyear swing. If the candle stick pattern is regarded
as a Bullish Engulfing , the target stands around 1,20. But
a first hurdle will be the Yearly S1 just shy of 1,15. Only a close
below 1,0720 will erase the pattern. One could prefer a
confirmation candle, with a monthly close above previous
monthly high, 1,1265, for more conviction. My daily analysis
lay out the strategy for taking a long position.
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