EURUSD channel violation

Feb 8, 2017

You can see a minor channel violation which pushed price into the 38% fib level. A retracement back to the back side of the channel was rejected to provide confirmation. The anticipation is a bounce at the 38.2% fib level before making its way back toward the 50% level. It's better to wait for an attempt to rally back up to the recent high before actually entering short. Patience is of the essence.

Feb 15, 2017

Trade closed: target reached

61.8% level has been achieved