After pushing down from last night's high, price has failed break below yesterday's lower low on the hourly chart, on the 4 hour chart price seems to be rejecting off the 20MA. On the hourly the price has broke through the structure of the move down, I will wait for a re-test of this level or a push and a small correction to confirm a move up, then enter a long trade with a target of the 50MA which is about 250 pips above the current price.
Comment: entered after rejection wicks indicated bullish pressure.
Comment: I closed at break-even when this idea didn't reach any new highs. Price is still above where I entered so maybe I could have stayed in but I'd prefer to wait until it at least breaks above last peak of 1.24388 and see where it goes from there. Target is still 50MA on Daily chart which is 1.26000.