Following on from our higher time frame analysis we can now try to follow the price action on intermediate time frames, starting with the 8-hour chart.
We are starting to see signs of distribution and MACD divergence at our current level of 0.69105. This suggests we get a pull back here. But remember that higher time frames are bullish and targetting 0.7 area.
Our bullish trend is invalidated if we first drop below 0.68092, and more importantly 0.67236.
Trade setups are starting to appear. On the 4-hour chart 0.68208 to 0.68362 provides a long opportunity. We have a clear stop-loss at 0.68092. The level also lines up with daily candles, and is untested in our current move.