Weekly Chart – The market appears to be trading in consolidation since late 2015 and has only started to build some sort of a bullish demand in late 2017. Market price action seems to be really sensitive when it reaches whole numbers on this pair.
Daily Chart – Price action seems to be in a short-term bullish trend with a classical setup. What got my attention into this pair was that market had closed with a rather strong bullish hammer; increase the probability that market to be reversing soon or it’s just a “natural” retracement after a quick build up as seen during the month of Mar-Apr. Nonetheless, this signifies that it is time for me to put up key levels for entry orders.
4 Hour Chart – Tentative entry would have to be in an area where 4hour and daily key levels co-exist; this would increase your winning probability. An ideal entry would be either a bullish hammer pattern or a doji on either key levels. The rough RR ratio would be 1:3 / 1:4 depending.