This pair is in a major downward trend. The rally staring first of October is counter-trend. The chart shows monthly floor trader pivot points. Price has broken about pivot point "P" indicating a bullish bias. Price has run into some resistance (see previous two candles with long upper shadows. I have drawn a short red resistance line above these shadows. A breakout above the range would see price moving up to pivot point "R1". In a counter-trend move, which this is, price should not have the strength to move to "R2". I remain neutral on a breakout above resistance as there does not exist a 2:1 reward to risk ratio long trade opportunity between pivot point "P" and "R1". Wait for the downward trend to resume and then look for a better trade setup! -- "Trade with the trend and not against the trend." --