A very simple long trade. Having watched this pair behave for the majority of the day, it has a very tone to it and has recovered from all dips during the day, that is the sign of . We are now in a previous which now has confluence with the .50% fib retrace. In addition to that, it also appears we have a simple AB-CD pattern forming. Confluence can also be found in that the completion of the D leg, finds price hitting the 1.618% fib ext.