The chart drawn speaks about my bullish-ness about EURUSD.
1. Price has expanded away from Lower Bound of Long Term Downtrend channel.
2. 1.27 seems about a vital support for this current breakout as it is a round level; near to 2012's open ( another vital psychological level); and a point of confluence where the "Near Term trendline" coincides with lower bound of Trend Channel)
3. Recent 1.27 breakout has resulted a wide trading range between 1.2747 and 1.3166. ( > 400 pips range - Good enough to sway or 'swipe' both bulls and bears)
With a theoretical 3.28% trade range now, if there is a bullish breakout, it may be challenging 1.36 as a possible measured move.
1.27 should not be challenged in order that this 'slow' bullishness can continue.
1. Price has expanded away from Lower Bound of Long Term Downtrend channel.
2. 1.27 seems about a vital support for this current breakout as it is a round level; near to 2012's open ( another vital psychological level); and a point of confluence where the "Near Term trendline" coincides with lower bound of Trend Channel)
3. Recent 1.27 breakout has resulted a wide trading range between 1.2747 and 1.3166. ( > 400 pips range - Good enough to sway or 'swipe' both bulls and bears)
With a theoretical 3.28% trade range now, if there is a bullish breakout, it may be challenging 1.36 as a possible measured move.
1.27 should not be challenged in order that this 'slow' bullishness can continue.