In terms of fractal counting, we are in the first wave of a trend continuation. Looking at the longer term weekly and monthly time frames, this pair remains bearish. Right now, the 4-hour time frame suggests this too.
First up is the lower fractal high. This pair barely enters this resistance zone before pulling back. The candlesticks show this market psychology quite nicely. After a bullish candlestick entering in this resistance zone, a much longer bearish candlestick appears immediately after.
The most recent string of bearish candlesticks signify selling for the past 12 hours (3 x 4-hour time frame). The selling will be followed by covers of course, but I still maintain the bearish stance. It is always better to trade with the trend. With a bullish USD, short term losses will be offset by the fundamental strength of the dollar.