This pair has been falling since late September through a descending channel
. The warning point for bears is that unlike many occasions in the past, in the latest upward push towards the upper boundary of the channel which coincides with the latest broken support line, this time we have yet to see a powerful move lower. Price is flirting with the channel which is a bullish
If the bulls manage to the break the channel to the upside, a decent correction is expected.
Cyclical Wave Group