Price has been on the rise and following an ascending channel. It just reversed from a strong resistance level and currently at the support line of the channel. It is also currently at a horizontal support level. I am not sure of the next move but I see two possibilities:
Scenario 1: Price may continue to follow the channel and bounce off upwards to test the resistance again. In this case we need to wait and confirm reversal to go long.
Scenario 2: Price may break the support and continue downwards. In this case we to wait and confirm a breakout in order to go short.
I would appreciate much to get your opinions on the pair in the comment section. If you agree with the analysis kindly hit the like button to show agreement.