Seen from the weekly TF, this pair has been an a very long-term downtrend! I am talking about years of overall decrease in the peaks of price. We see a formed wedge from rising lows and falling highs. Depending on the condition of the market and direction of the break, this can be a reversal or continuation pattern. Drawing reason from the direction of the break, this wedge pattern and break situation suggests a continuation of downtrend.
After break below of wedge support, Price went back for a retest and has met a confluence of key horizontal resistance, 200MA and support now turned resistance area of wedge. This multiple confluence suggests a strong area for sellers to step in and push price lower.
In my next post, I will scale in so we can follow what is happening in the here and now. Cheers!