Price is currently making a correction in the form of a descending triangle, however, it’s being formed in a weird spot inside the major structure.
What do I mean by that? Well, if we look at previous price action, on the bigger timeframes this pair is in an uptrend, with big and clear impulse legs and clear corrections that are similar in range and time. If we follow this structure, my guess would be that price still needs to correct deeper before resuming the uptrend and that would mean that the descending triangle should break to the downside and also price should break previous support.
However, there are also strong bullish signs on the very short term, being one of them the demand area tested and the other how recently price showed some bullish impulsive legs within the mentioned triangle.
Although I don’t know exactly what is going to happen, my guess would be that price will start to consolidate just above the drawn support level for a while, giving range trading setups along the way and then will resume the uptrend.
Let’s watch the market and see what happens!