If then Trade off 50% Fib confluence with 78% Fib

Expecting a small bullish move after touching the key area (yellow highlighted rectangle). Based of last couple of times the area has been touched. (See Green Arrows). Average price action after touching the area is 70 pips (see price range, left).

Risk/reward: 20/20 = 1
Confidence: 60%

It fits within my risk management criteria, for the new month.