This pair is in a Downtrend forming a Bearish Expanding Channel. The Uptrend has ended long time ago and now Sellers are in control of the this pair.
The next Demand Level of Buyers is at the Horizontal Support. This area has been tested only once, so it is a fresh buying level.
We also have a very Strong Confluence of Support in the Green Circle which means there could be a lot of Unfilled Buy Orders in this area.
Strong Confluence of Support (Five Types of Support): 61.8% Fibonacci Support Level on H4 Chart 61.8% Fibonacci Support Level on H1 Chart Trendline Support (Bottom of Channel) Strong Horizontal Support Pivot Point Support 2 (S2)
We should prepare to buy when price gets to our Buy Area (The Green Circle in the Chart).