The pair has been in a longer term uptrend (better visible on the daily chart). After the strong bullish move recently, the price is now retracing to the previous support levels, ready to continue further up.
Stochastic indicator show oversold levels both on the 4H and the 1D chart, which indicate that the sellers are losing steam. The support area offers great opportunities for traders entering long, with a good R/R ratio of initially 1:2 but with potentially much more room to the upside.