On the Daily chart above, since the beginning of this month, the bulls have been raging; and, though we might have a bearish retracement soon, the bulls seem determined to hold on to their reign for sometime: major resistance levels are being breached on the Weekly and Monthly charts, and the fundamentals – recent economic reports – are fully in support of a sustained rally; although, uncertainties still abound. Price is currently around the upper edge of the upward or bullish channel, hence, there’s a possibility of, at least, a short lived bearish retracement; after which we expect price to find support around the most recent Daily swing high @ 1.4817 (which we've highlighted using the blue broken line). It might take more than a whole day for us to see the above explanation unfold – if we happen to have judged correctly; however, since no price action is currently supporting a suitable bearish move, it’s advisable to wait for a Hourly chart Long trade setup, which must be confirmed by Hourly price pattern forming higher highs and higher lows, and supported by the H4 chart.
On the H4 chart above, price has broken the most recent swing high @ 1.4874 (which we've highlighted using the lower blue broken line) upward. That sustains our bias in favor of an upward price move. The green horizontal line @ 1.4761 highlights the most recent swing low, and as long as price stays above it - in the absence of any new and higher swing low - our bullish or upward bias remains intact.However, we still need our Hourly charts - using Fibonacci retracement levels and important support levels - to seek promising areas to take our Long positions. Price pattern on the Hourly must also be forming higher highs and higher lows. Please note that our aim is to buy a dip in today's up-trend.
Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.
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