The price seems to have tested the resistance level of the channel and failed, it looks likely now that the price is going to test the support of the channel and may even have a chance of being able to break the support level of the channel. This bearish move is being favoured by a moving averages crossover and the RSI is also bearish as it is below 40 and moving closer to the oversold position. If the price is able to break out the support level it is very likely the price would do what previously had happened with this pair and fall significantly. I will update this post once the price is approaching the support level of the channel.
