The pair ended its trading within the descending correctional channel above after two attempts to retest its previously breached resistance, settling for the 38.2% correction of the upside wave from the trough at 0.4885 to the top at 0.7634. 
Accordingly, we see that the pair is to continue the upside wave and currently facing critical resistance at 0.7395 which is the neckline for a continuation bullish pattern. This pattern’s completion with the breach of the neckline will take the pair strongly to the upside, yet momentum indicators are strongly overbought which might force the pair into downside correction to unload the negative momentum before breaching the aforementioned resistance. In general, we believe that the downside correction has ended and the expected short term move is to the upside heading towards 0.7395 then the initial target at 0.7630.The upside wave remains valid as far as daily closing is above 0.7125.
By: Yasir Mubarak
Senior Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com