As we see the pair has recently broken the long-term bearish channel with successful retesting.
Now the pair formed another short-term bearish channel representing a flag continuation pattern which was broken yesterday suggesting continuation of the current bullish direction.
_source!.png)
Marked above on the 1H chart, a good support area 1.5640-1.5620.
It's a confluence of the following factors: broken previous top now acting as support, the retest of the backside of the broken channel & Fibonacci 61.8% of the swing between 1.5560-1.5720.
Based on the previous analysis
You can take a good long entry at 1.5640-1.5620 with SL 1H closure below 1.5590.
TP should be placed at 1.5670, 1.5695, 1.5745 then 1.5775.
