This pair might offer a very good risk ratio for a long trade on the daily timeframe . It seems like a upper channel is starting to take shape.
We might see a triangle forming first.
In a any case, we are at the very bottom of a potential channel which is a perfect spot to enter the market with a tight stop loss. Then move stop loss to breakeven as soon as we are back into the 1.06 zone.
However, another potential buy might be in the cards. This pair bounced at the 0.768 retracement level + bounced on the bottom of a channel + we have lots of volume around the current level + a double bottom (with hammers).