The pair looks more bullish in long term and there are following reasons for this: - Price reached the major support level 1.2000 and bounced - Double bottom chart pattern gives bullish signal - Bullish divergence confirms possible up movement
We'll have to think about opening long trades, if price breaks 1.2800 level or bounces from 1.2000 level one more time. Profit target will be at the downtrend line. We should search for better entry levels for long trades on the daily and 4H charts.