In the biggest channel (Weekly chart), just before the start of the uptrend, we can see that the down move has become sharper when it was getting closer to the lower line of the channel and it bounced back up sharply as soon as touched it.
Watching the past price action, I found the current area a very strategic place, because:
1. All the other three channels’ lower lines are near.
2. We are hovering on 61.8% of the mentioned impulse up (from the biggest channel lower line)
3. The price just broke the low of the previous correction (purple line)
4. We are expecting a long term UP move or at least a deep pullback in Euro (check the idea “Fiber, A big corrective structure?” in the links below)
I’ll update this idea as soon as seeing any evidence of the expected UP move, till then we are probably stuck inside the smallest doll 🎎
Happy Trading & stay green! ✌️
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