I have used the black arrows to show that the last 2 lows were in fact higher lows showing a potential shift in direction. This coincides with some nice deceleration on this FX pair after the recent very run.
Another important confluence to this trade having a good probability of being a winner is the last high was a higher high. Price seems to have broken its pattern so the next higher low and my entry could lead to a nice breakout.
R:R ratio and SL positioning is all on the chart.