The pair have formed a Bat pattern that is suggesting the move up.
What we can see on the chart is that the price is in the uptrend and we have a higher low.
Uptrend support line supports the bullish Pin bar that is forming on the daily time frame.
Horizontal support is adding more confirmation to the uptrend support which together makes a confluence of support.
With these three support signals we have bullish Pin bar forming which gives even more confirmation.
The Pin bar candlestick pattern is right on the support which gives more confidence that it is a valid pattern.
First target is below the first resistance which makes this target easily reachable. The second profit target is slightly above the first resistance level.
The better profit target would be 0.65390 which is below horizontal resistance and it is the price level which was reached in the previous bulls attempts.
Stop loss is at 0.64067 which is around support that is below current confluence of support. If the price breaks below it will be heading towards last month’s low.
With a Risk:Reward ratio of 3.46 it is a good trading opportunity.
Harmonic Patterns Cheat Sheet
All Harmonic Patterns on one place with important tips for trading.