A 200MA, trend line and fib support could do the trick

Simple picture watching on the daily : The 200 DMA comes in at 1.0848, the trend line as well and the 50% fibs of the July-November rise at 1.0832.
Add to that a few tops and bottoms over the past months all in the same zone as we can see. We have decent support here.
I went in at 59 in small , left another bid at 1.0835 just ahead of the fibs support. The initial idea is for a return into the 1.0937/42 area where we find the 38.2 fib and a downward trend line resistance. Break above which should see it retake the 1.10 big figure. I will stop through 1.0820 for a minor 30 pips risk and probably reverse then as a break below should see another momentum develop down to low 1.07’s.

K-man

K-man

Fundamentalist market maker, turned all round market taker.
Philosophy: “Cycling is good for your health, overtrading is bad”

Read how Koen got into trading here
K-man

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