Please see original analysis for in-depth explanation of our long bias.
We are still awaiting a break above and close above this red short-term down on the hourly chart to execute a long position on this pair. We will also need to see confluence from our price action forecasting algorithm forecasting a move to the upside with a chance prediction of 85% or higher. Currently our algorithm is predicting continued movement to the downside with a chance prediction of 94%, but we will continue to monitor price action and the updates from our algorithm.
See the link below for an image of our algorithm's forecast for this pair.
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