This pair is at an interesting crossroads. It is still in an Uptrend that formed from the sharp rally above the Inner Downtrend Line, which was started by a set of Double Bottoms. On the other hand, it has now stalled at an Outer Downtrend Line and is giving early signs of a Double Top formation that would break the Uptrend Line.
Overall, this pair has been in a very strong Downtrend since 2011. It has formed several Downtrend Lines in the process which means that this rally may only be tempora…