This pair has been mostly bullish since end of March if you look at the big picture. It is not the typical strong move with a few shallow pullbacks. Instead, it makes a move, then pullbacks quite significantly several times forming a base or a launch pad of sorts. Then it makes a strong move before forming a new (higher) base from where it launches again. You can see this pattern best on my H4 chart above. All these moves are happening within an upward sloping equidistant channel.
So, what next? I don’t see any reason for a disruption to this pattern, the bulls are very much in control of this instrument at this time. I expect a pull back towards the current base, perhaps not reaching it. I do note that on the H4 we have a quadruple top (at 1842.70) but in my view the bulls are strong and will go past it quite easily. The next significant resistance is located at 1859 region and we will likely see some consolidation there before price gets to the channel top again.
Edit: actual chart from today (20.05.2021)
