has pulled back to a key level that was established in May of this year. Back then it was a resistance level
; today it is a support level
. It also coincides with the 61.8% Fibonacci retracement
level of the recent swing low to swing high. Price is also above the 50 SMA
and 200 EMA
In light of all these factors, I'm set to go long at 8356. My stop is at 8316, and my target profit is at 8476. I'm risking 40 pips to gain 120, which gives me a reward/risk of exactly 3.0.