I marked few important price actions. First harmonic formation appeared at the end of the March. There is a rule where 61.8% retracement is corresponding with 1.618% and 32.8% retracement is corresponding with 1.328% which gives us perfect ABCD formation where AB = CD. Another signal for further bullish movement is fact that pair is trading below 200 EMA. I think that doji candle created 3rd of April gives us false bullish signal. This lowest low from 3rd of April in my opinion will be beaten by another lowest low. I set SL close to the EMA but this is risky I would prefer to set SL just above 0.70000(it is marked on the chart) I would wait for better opportunity then this one as the risk ratio is not so impressive and I'm not really sure where should TP area be. I’m pretty sure that it will go lower than the Doji form 3rd but I'm not sure how deep pair might go.
Glad someone posted something right alongside my limited short. Yours is a far superior explanation of this than mine. High five on sharing the same idea!