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.

We have been able to catch a bullish structure which is under construction and it may send it towards the point where the downtrend started.

The pair has approached many times from 50% Fibonacci correctional level; whilst the entire correction was trapped within a potential ascending triangle where its resistance resides at 69.20 and a break above this level will clear the path towards the peak mentioned in the first paragraph of this report.

Moreover, we have a bullish pattern with a neckline at 64.63 and a weekly closing above it will motivate the price to breach the resistance of the ascending triangle to achieve further bullishness over short and medium term basis.

In general, we will depend on the minor classical structure and stability above SMA 50 to support our positive scenario; noting that a break below 57.90 will designate that the correction is limited and the major bearishness started in the mid of  2007 will be resumed.