The daily chart shows that the medium term direction has become bullish after bottoming at 0.6007 and this direction was stopped for a correction after topping at 1.1079.

The pair succeeded in touching 38.2% Fibonacci of the aforesaid wave and then started to move higher inside the ascending channel seen on the graph.

We have been able to catch some technical factors that suggest more bullishness over short and medium term basis as follows:

1- The correction was limited earlier at 38.2% retracement.
2- Trading has come back above the support of the ascending channel which was breached during the correction and now, we can see a series of positive daily closings above this support.
3- SMA 50 provides the pair with a good support.
4- The retest of the neckline for the classical bullish pattern at 0.9405 and the red arrows explains the structure.

From here, the path is clear towards the historical high at 1.1079 followed by 1.1855. On the downside, clearing 1.0550 will bring more downside correction.