This is another pair that I have been watching for a while now. There are multiple confluences to suggest that the downside prevails for this pair. The 50EMA has crossed through the 200EMA, suggesting a longer term momentum shift, with the bears now in control. The price has tried, but failed, to make a number of rallies but each time has found resistance. We observed an ascending channel, from which the price broke out below, coming back to retest the EMAs. I have set a target back down to the low seen in May 2016, which gives a lot of scope for a longer term short position.