[TW] 8-10-2012 EUR/USD Long by imtrader

EUR/USD, 4-Hour

Entry: Buy at market (1.2276)
Stop loss: Close when price heads below the rising trend line
Profit Target: Former high (1.2430) and beyond if possible
Reward-to-risk ratio: Depends on close.
Risk percentage: 2%
Indicators used: 100 SMA, Fibs, Trend lines
Trade Rationale:

Mostly a technical trade as I think EUR/USD’s sell-off is exhausted in the medium-term. Price is holding above the 100-SMA and the 61.8% Fibonacci retracement level. The rising trend line could also keep it supported. This is a very risky trade though, given the overall market sentiment. Then again, it’s a good opportunity to “buy low.”