The pair is a clear downtrend on the daily, 4 hour and 1 hour charts. We are forming lower highs and lower lows. Price has rejected the downward sloping trend line
acting as resistance twice. On the daily, 4 hour and 1 hour chart we have bearish engulfing
formations. There is also confluence at the 0.50% fib level against the resistance line. Lastly, the Stochastic
is in overbought conditions so this pair should head down towards the next structure low and key level of support.