Currently, the pair is trading the lower channel line at 10.36. Also, the pair is pressured by the 55-, 100– and 200-hour SMAs located in the 10.39/10.45 range. Given these facts, it is expected that a breakout from the channel might occur in the nearest future. Technical indicators for the 4H and 1D time-frames support scenario.
Potential downside target could be the weekly S1 at the 10.29 mark.