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If we look on the hourly chart we can clearly see that the pair is trading in a sideways mode. There has been two rejections of the support level and twice as much rejections from the resistance level. In my opinion it indicates that there is more supply than demand which in turn means that price should go down. If You enlarge the image You are able to see that last low was lower than the previous and was followed by a higher high. This often times is done to gain the momentum in order to move the price in one direction. This time I would look for a selling opportunity as soon as the price goes below the nearest support levels marked with short lines. Will have to watch price action at the next strong support. If it doesn't hold then there is a potential for a very significant move.
