The daily chart shows that the pair has created a bearish direction over short and medium term basis within a descending channel.

After recording the bottom of 1.4552 we have witnessed an upside rebound which succeeded in breaching the neckline of bullish pattern at 1.4780 followed by a daily closing above it confirming the reversal structure.

In result, more upside targets are seen on the horizon over intraday basis to reach the technical objective of the pattern where it may meet the psychological levels of 1.5000.

The general trend is bearish and we classify the current upside move as a correction that could be followed by the downtrend resumption with targets at 1.4300.

Ultimately, a break above 1.5125 will bring additional recovery targeting 1.5475.