The pair is showing that the historical support level of 1.4110 is still intact after - what appears to be - a false break as in the highlighted area. Besides, there is a break out from the down channel, all indicate a moving up is likely..
You can refer to the related idea below to recognize that I'am already shorting this pair on the daily time frame because of the bearish reversal pattern H&S.
However, on the hourly time frame, it shows that another reversal H&S completed, I set a buy stop in case of breaking the nick line but did not close the ...
The USD failed in breaking the horizontal resistance as highlighted in yellow, then it broke the trend line with high momentum candles.
This indicates testing of the old support line at 1.3045 with 95 pips expected profits versus only 55 pips above the high of the failed break out.