There is a small cypher pattern just completed in this pair. Normally, I personally don't take positions on such low TF patterns as I'm more of a swing trader than a scalper. And the R;R for target 1 is less than 1:1 ratio. But still, cypher is a cypher is a cypher, right?
So then why post this? Couple of reason:
1. Currently, we are in an uptrend. (Could be just the beginning of a much larger uptrend.) So this cypher is a trend-following pattern.
2. There is a larger cypher pattern waiting to be completed and prices are near to completion on that cypher. This small bullish cypher would give a good entry point to get long or add longs to this larger cypher CD leg completion.
3. There is also a large BAT pattern on the Daily TF. Prices are currently working on the CD leg of this large BAT pattern that could potentially be forming.