Using a daily time frame and taking into consideration the structure present in the market since the low at 1.1655, a reasonable point of entry for longs would be around the 1.2350 region (close to the 38.2% retrace of the 1.1655-1.2800 uptrend). Stops should be placed under 1.2200. Click on the chart for a larger image and further reasoning. Good luck.
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