The pair is quite near an important support line ( long-term; you can see on daily chart
) and both RSI
are in a bullish
consolidation on the 4H chart. We can also note the HS like pattern that is important for its 3 bottoms, all of which with higher and higher RSI
which usually signals a weakening downtrend or even a trend reversal. We also have an important channel which means that the price either goes "fast" through it and makes huge movements, or just retraces. Thus we have our entry slightly above the upper line of the channel and our stop loss slightly below the lower line of the channel.
*Disclaimer: this is for educational purposes only*