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.