BUY/LONG ZONE (not shown): Starts at 1.26250, adjustable to channel low. DO NOT TRADE/DNT ZONE (not shown): 1.25910 - 1.25250, adjustable to channel levels. SELL/SHORT ZONE (not shown): Starts at 1.25910, adjustable to channel high.
Weekly: Bullish, bearish if there's a close below 1.25350. Daily: Bearish, supporting structure & breakdown of zone but respect to level below. 4H: Bullish structure with ascending channel. 1H: Bearish but has respect to channel low.
I personally would not trade this at the moment but if I had to I'd go short just because high frame respect to zones and most recent low frame pushes. Keys here are the zone that the daily frame broke and respected and the channel drawn on the 4H. Bulls should want to see the channel respected into a breakout of the zone around 1.26250 - 1.26350. Bears should want a breakdown of the channel lower level or a rejection of the zone bottom at 1.26250 or a breakdown of structural lows at 1.25910.
This is what I would personally look at before entering trades, everything is subject to change on a daily basis and as I analyze different timeframes and ideas. ENTERTAINMENT PURPOSES ONLY, NOT FINANCIAL ADVICE!
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Price followed the trend of the bullish channel and broke above the 1.26250 zone with strong momentum and supporting structure.
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Price dropped to 1.26350 (top of zone) and has since bounced back up. Would look for a 1h/4h close above 1.26625, as this was now the new lower timeframe support level that I would have looked towards.
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Price tested the 1.26350 zone a second time and has now rallied almost all the way to the top of my bullish target.