It looks like the price has successfully broken out the bullish channel which had formed over the week. The price managed to breakout the channel, it then moved back and tested the broken support, which acted as a level of resistance as the price bounced down. Now the price has moved further down, it retraced and I believe the price is going to once again make bearish moves. If this second broken support fails to act as a resistance level we could see the price make bullish gains, I will update this post once a confirmation signal has appeared on this pair.