The pair is holding inside its uptrend channel and is below its faster MA and above its slower MA while testing the channel’s support.
A potential head and shoulders formation may develop in the short term.
Buy after a rejection at the support at 1.3103 with a stop loss at 1.2960 below the channel, a target at 1.3425 near the next resistance and a second target at 1.3697.
This provides a total risk/reward of 605/158.
The pair is located near the support of its range while holding inside a downtrend channel.
A rejection here would confirm further upside for both the daily and 4 hours timeframes.
Buy at the current price with a stop loss placed at 1.2943 and a target at 1.3170 near next resistance.
This provides a risk/reward of 73/160.
Goldenschild Asset Management