Today we saw a break down through the major support at 1.3033 which had formed the low of the recent trading range. If we can close above this level today it shows that Bulls are still willing to defend this area and we could get some decent upside with a continuation of the prevailing bull trend on the daily chart. The Bullish outside candle on the 4hr chart at the 50% retracement of this trend gives an indication that a close above 1.3033 may be on the cards and I will try a pre-emptive buy limit on the retracement of this 4hr candle as indicated on the above chart to initiate a long position with a tight stop below the 50% Fib level.
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