In another example of recent EUR strength, the EUR/GBP has bounced up off of support and has started to move back to the upside.
I prefer to see a stronger trend on the daily chart, but you can’t always get what you want. I have also placed an RSI on the 4-hour chart which is one of the more popular indicators in use today. We can see that the RSI moved back above 30 from below 30, which is the signal to buy. More conservative traders will just buy on a move up through resistance. Protective stops should be placed below support with the target set at twice the risk for our 1:2 risk:reward ratio.