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)

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Ravi Madan
After a rocky start in 2010 (blowing up a $10,000 trading account), and experimenting with various indicator based systems, he found his comfort zone and success with price action trading. He does not study chart or candlestick patterns, instead relies on what the chart is telling about direction, strength and the flow in the markets. He advocates that the most vital components to trading success are: a trading plan, following it 100% of the time, keeping a positive R/R ratio,sound risk and money management, patience & discipline. Keeping a journal where every trade is documented is an essential tool for learning and enhancing skills. Finally, never trading without a stop, never moving the stop away from price and not being ina hurry to move it to breakeven either, complete his trade execution style.He also publishes trade ideas on TradingView.