Longing EURUSD after pullback

I will be longing EURUSD after the pullback to the support level which coincides with the 0.5 Fibonacci retracement level. I expect price to bounce off the support of the upward channel and my target will be the next resistance level which is also the resistance of the major downward channel. TP will also align with the 0.618 Fibonacci extension level. My SL will be just below the 0.618 Fibonacci retracement level. This trade will offer a RR of 1:2.5.