The daily chart shows that the pair has created a bearish direction over short and medium term basis within a descending channel.
After drawing the strong bearish trend from 125.55 to 68.40 zones, the pair has started an upside correction towards 50% Fibonacci retracement level.
Updating our technical outlook for the pair published on Feb. 06, 2012, we can see that the pair has unloaded the bearish momentum on momentum indicators.
Technical Snapshots 20/Feb./2012
Technical Snapshots for 15/Feb./2012
The four-hour graph shows that the pair's movements have been organized within a downside correctional channel that carried the bearish wave from the significant peak of 1.0520.
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After drawing a very strong downtrend from 97.77 zones to 44.21, the pair has started an upside recovery as seen on the provided graph.
Updating our technical outlook for the index, we can see the ascending channel that succeeded in carrying the movements over short term basis towards the previous suggested technical objective at 12872.00, where the index continued fluctuating since the opening of this week.
By examining the daily chart, we can notice that the main bullish trend has stopped at the historical low of 0.8840 where the pair started a bearish correction towards 38.2% Fibonacci retracement of the entire upside wave from 0.4885 to the aforementioned peak.
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