EURUSD Fib Channel Violation

After a retracement to a significant fib level the Euro rejected the 61.8% area and subsequently violated the down channel. This sets up for an ideal entry on the higher timeframes if the fib level holds. The plan for me is to wait for a flag to form now that the down channel has been broken. The bullish flag will be the actual trigger I use to enter the trade. Keep an eye on this chart since the ability to stay above the fib level will confirm bullish sentiment on the weekly chart as well. Patience is crucial in order to make sure the trade is not compromised and too much risk is taken.