Using Longer Time Frame Charts
You are correct. Based on this 5 minute chart, the pair is in an uptrend and those would be valid support and resistance lines.
That being said, we would advise using longer time frame charts...such as the Daily, 4 hour or a 1 hour chart for the trading analysis. A 5 minute chart, such as the one posted, will produce some very random moves that can and will generate many false entry signals for the trader.
The longer time frames will be much less random and the smoother movement cycles will be more readily traded as a result.
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