At the market open yesterday, price gapped down on this pair to the 50.00 area. As you can see, the pair reached a key level in the area just above 56.00 a few weeks ago and retraced all the way back down to retest the key level at 50.00 which corresponds to an up trendline that runs back to September of last year when the most recent uptrend started. The 50% retracement of the up move comes in just below 50.00 so I placed my stop just below the level. I will be adding to this trade on pullbacks on the daily chart.