This pair is in a major upward trend. Price action is bound within a trading channel. Latest rally has moved up from the lower channel line to the upper channel line. Last candle rejected higher prices near the upper channel line as indicated by the long upper wick and closed at the low for the session. Further this candle engulfed the previous candle a reversal indicator. I expect price to now move downward to test support from the lower channel line. Price should continue to bounce off the upper and lower channel line until price breaks out of the channel indicating a change in trading psychology.
The next step in the analysis would be to go to the daily and or 4 hour time frame and look for trade setups.
The next step in the analysis would be to go to the daily and or 4 hour time frame and look for trade setups.