As usual, my analysis starts from higher timeframe such as the , where we can see we are in a . Now price is retesting support and we can for this reason search for long opportunities in lower timeframe.
In the 4hr chart we can see we have completed a and we put an candle right at the structure level. In addition we are now at of the most recent downward move and we're sitting on a psychological number that often gives support to price.
If that was not enough we've just exited an OVERSOLD condition.
All those reasons together make me predict that we will see an upward move.
I've entered the market long at 1,2414 with first target at 1,2482 (stop loss at 1:1RR), second target could line up with bat's second target level.
If you have any question, please don't be shy and comment below.
Otherwise, see you in the next chart!