This pair has been on a clear uptrend. This pair has been trapped in broadening tops chart pattern and the price has attempted to break the channel but the bulls could not keep up with the momentum. We see the prices soon closed inside the pattern which shows the importance of waiting for candle to close.
This is a perfect example of how the buyers are trapped in the fake breakout.
The sellers have stepped in they are pushing the prices down the bottom of the channel.
Our bias for this pair is bullish although we need to see a clear breakout on the channel to hint us that the investor sentiment has changed. The price will guide us on our position as the prices approach the near term support whether the bullish trend will continue or the seller will prevail.