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.

After that, it started to move lower within a descending channel over medium term basis.

In fact, the current price action is normal after touching the support of the aforesaid channel.

Moreover, the pair has breached the neckline of a bullish pattern at 79.25 with a weekly closing above it suggesting further incline over intraday basis.

But, momentum indicators offer overbought signs that the current correction is temporal.

To recap, the general trend is bearish while we may witness more upside correctional moves that target 84.75 before resuming the downside rally targeting the prior trough mentioned earlier.

Ultimately, a break above 84.75 with a weekly closing will bring additional upside moves towards 38.2% Fibonacci at 90.15 zones.