This pair looks to be forming an inverse head and shoulders pattern after the bounce off the 1.13 even handle that formed a nice double bottom pattern.
I see some resistance at the 618 retracement where we could see a slight move down to the 50% to test the neckline of the head and shoulders pattern and structure support before a move up to the 786 level with lots of structure confluence at the 1.153 - 1.55 price level to complete the retrace on the longer-term downtrend.
After hitting the 786 we will see what happens, if we break I see a new trend forming for this pair, if price gets rejected I see trend continuation.
I see some resistance at the 618 retracement where we could see a slight move down to the 50% to test the neckline of the head and shoulders pattern and structure support before a move up to the 786 level with lots of structure confluence at the 1.153 - 1.55 price level to complete the retrace on the longer-term downtrend.
After hitting the 786 we will see what happens, if we break I see a new trend forming for this pair, if price gets rejected I see trend continuation.