The pair is ranging within a channel slowly moving to the upside with higher highs and higher lows. Bounced of key resistance areas action as support and resistance . The most recent test of the support line formed an candle with long lower wick signalling buying pressure. The dotted line seems like resistance turning support and I believe the pair should move towards the height of the channel. RR isn't great so a bit of a risky set up. Stochastic displaying both lines heading upwards.
Trade closed: target reached:
Target reached for 112 pips profit. Happy with set up, simple price action + support and resistance trading.