The rally of the year -- 500 pips upward movement -- was merely a corrective wave (wave 4) of the bearish cycle.
The break of the ascending channel implies that the wave 4 has completed and wave 5 has commenced.
Hence, we expect the pair to trade with bearish bias from now.
The break of the ascending channel implies that the wave 4 has completed and wave 5 has commenced.
Hence, we expect the pair to trade with bearish bias from now.