Right now the market started to make higher lows and lower lows on the 4H time frame creating a Descending channel
. We are waiting for the price to reject the major support level
1.2700. The support level
1.2700 is lining up with 0.618 FIB Retracement and with 200 SMA
on daily and 50 EMA
on weekly. Before taking the trade we need to wait for the confirmation break and pull back because on the other hand we might also see the price reaching 1.2500. After the break of the channel and confirmation we can open our position LONG with the targets around 1.3000. Keep it profitable!