The recent impulsive move went to the upside. After that a flag pattern
was formed. Most Traders would think that after the pattern was broken, they should go long. However, on the daily chart
, the trend has been bearish
for a long period of time. I have drawn a a resistance line which clearly has rejected the price. Most likely this flag pattern
will develop into a wedge
. Therefore I recommend not to trade this pair until such pattern emerges. Long positions should anticipate the break of the wedge
pattern as well as the resistance line (strong confluence!).