Studying the daily chart for the pair, we can see that it managed to breach resistance of the bearish short-term trend at 1.6440 and succeeded in retesting it in many occasions, while it is going to the upside but facing MA 200 daily as a barrier towards achieving further rise. 
From the depicted charts we can see the formation of a bullish technical pattern with neckline at 1.6950 which shows the strong probability of having upside direction that actually is part of a upside correction for the downside wave that started at 1.4963 to the drought recorded at 1.5121 where the key target for that pattern is located around 1.8000. Momentum indicators shows negative signs which supports the strength of MA 200 resistance which will cause some volatility till the upside momentum gathers enough strength to push the pair to complete the bullish pattern through the breakout and stability above 1.6950, noting that for the bullish scenario to be fulfilled as long as 1.5900 remains intact.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com