Inside technicals and chart patterns by 
This chart was created with Autochartist.
Longer term charts can take the ebbs and flows of bounces and pullbacks while still trading within a pattern. A 240 minute chart will move more within a single candle than a 30 or 60 minute typically can or will. This has to do with the power of time: If given enough of it prices will cover more ground.
The pullback with the pattern hit 1.4826 and created the touchpoint for the uptrend line all while the Initial Trend dropped - this means that the uptrend is likely transitioning to distribution or accumulation. The channel itself does not indicate a trend but simply support and resistance. Confirm the pattern with the Wave. (see below)
The uptrend line is still very important as the market cycle moves sideways as this would be a potential breakdown if momentum shifts lower.
This chart was created with MT4 and the Autochartist Chart Pattern plug-in.