Please see original analysis linked below for in-depth explanation of our long bias.
We are still awaiting a break above this red short-term down on the hourly chart to execute a long position on this pair. We will also need to see confluence from our price action forecasting algorithm forecasting a move to the upside with a chance prediction of 85% or higher. Currently our algorithm is predicting continued movement to the downside with a chance prediction of 78%, but we will continue to monitor price action and the updates from our algorithm.
See the link below for an image of our algorithm's forecast for this pair.