The pair managed to breach the correctional downside channel which led the downside correction that began from the permanent peak at 0.7634. This correction shows that it stopped at 38.2% Fibonacci around 0.6585 moving to the upside to breach resistance of the downside channel, where this breach to be confirmed after a series of daily closings above it. 
According to the daily charts seen above, we see the formation of bullish technical pattern which was completed while its neckline was breached at 0.7300 which paves the way for further rise on the short term, thereby supporting the come back to the upside trend to reach the aforesaid correctional level. Momentum indicators are moving in overbought areas, thus we might see some volatility due to the retest of the breached neckline before continuing the short-term upside wave as the main targets start at the peak of 0.7634 then moving towards levels near 0.8000, taking into consideration that the continuation of the upside trend remains valid as long as daily closing above 0.7100 remains intact.
By: Yasir Mubarak
Senior Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com