The four-hour graph shows that the pair's movements have been organized within a downside correctional channel that carried the bearish wave from the significant peak of 1.0520.

The bearish channel succeeded in breaching the support line of the medium term as seen on the chart.

The pair has approached 61.8% Fibonacci retracement of the entire upside wave from 0.9404 to the aforementioned peak.

Now, we can see how the pair is trading around 50% Fibonacci retracement -turned into resistance- and it represents a neckline for a potential bullish pattern as seen on the secondary image.

A break above this level will bring more upside actions towards the resistance of the correctional channel at 1.0140 supported by SMA 50.

Note that the current bullishness is seen as a normal rebound inside the channel; thus, the short term basis remains bearish and might be resumed after touching the target of the bullish pattern.

In general, a break above the technical target at 1.0140-1.0150 will bring the bullish picture back into focus over medium term basis and will claim that the correction might have been completed earlier.