has been in a bit of a corrective phase, on the higher time frames it is clearly in an overall bearish
downtrend... consistently making lower lows. For this reason we are only interested in taking a short position on this pair. We are viewing this slight bounce on the hourly to be a corrective pullback that will eventually continue in the direction of the overall trend. If price action can manage to break below the short term blue uptrend line with confluence from our price action predicting algorithm we may consider a short position on this pair.
Currently our price action predicting algorithm is predicting a bit of continued upside movement/consolidation with a chance performance prediction of 84%... we would like to see a chance performance prediction rate of 85% or higher showing a move in agreement with our analysis though so we will watch price action and our algorithm updates.
See the below link for an image of the most recent price forecast from our algorithm: