The currency pair has been in a downward descending channel
since March 18 and is approaching the top level of the channel again. It is also approaching level with lots of resistance and support and could potentially line up nicely with 50% fib level or even test the 61% fib level before turning down again. Waiting for an entry on the 1 hour chart.
A breakout of the channel to the upper side would suggest a bull trap or an invalidation of the trading idea.