Observing the Price Action on the pair, we saw an extremely strong selling from point '1' on the chart which happens to be a rejection from ST Resistance 2.
Further, as the pair progressed through time, the selling gradually started getting absorbed. In addition, the buyers were successful at overpowering the sellers on each dip. This impulse buying is observed at points 2, 3,4 and 5.
The impulse buying at each of these points takes out multiple hours of price action with just a few hours of buying.
This suggests that there may be a short term long trade opportunity on the pair.
Eventually, the pair made another attempt towards the downside penetrating the 20EMA at point 6 which was again rejected strongly by the bulls. This shows that the bulls are coming in a little sooner than the previous lows.
The at point 6 gives us the entry signal with the first target at Resistance 1 and the second target at the Resistance 2 which also happens to be the touch on 20EMA from below on the (not shown here) thus producing an excellent Risk to Reward play.