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.  

The pair has rebounded breaching the resistance of the descending channel seen on the graph followed by a retest of the previous broken support.

The series of positive daily closings above this support reinforces our bullish predictions while SMA 50 continues carrying the upside wave.

In fact, the pair may find a resistance around 0.8570 supported by the overbought signs on momentum indicators and that may force it to move lower towards the support of the major ascending channel before resuming the northern journey, mainly targeting 0.8840. In general, the bullishness is in favor over medium and long term basis but clearing 0.8090 will bring additional downside movement.