Entered this trade @ 1.04794 with a target just below Fridays high 1.05803 and a stop @ 1.04358. The risk to reward ratio is aprox: 2:1.
Price action seems to be bouncing off of the .618 fib extention taken from the 9/6/12 low, 9/7/12 high and 9/11/12 low. Price was also supported by an hourly support line @ 1.04640, and further backed by the 50% fib extention and then daily support where my stop is placed below.
RSI started to turn up crossed the 30 mark and broke its downward trend line on the hourly chart.
Price action seems to be bouncing off of the .618 fib extention taken from the 9/6/12 low, 9/7/12 high and 9/11/12 low. Price was also supported by an hourly support line @ 1.04640, and further backed by the 50% fib extention and then daily support where my stop is placed below.
RSI started to turn up crossed the 30 mark and broke its downward trend line on the hourly chart.