Over weekly basis, we can see that the pair resumed the upside correction after the sideways choppy trading within a tight range since November 2011; the pair already provided a series of weekly closings above the 23.6% Fibonacci correction for the entire downside wave from 2.4963 to 1.1464.

We can see the signs of a minor ascending channel formation to carry the short term upside correction, supported by the MA 50 that offers strong support and protects the upside wave.

On the other hand, momentum indicators are within overbought areas and might cause volatility near the channel's support before resuming the upside move targeting initially 38.2% correction at 1.6590.

Breaching the support areas between 1.4625 and 1.4455 will be the first technical signal for the end of the upside correction and the return to resume the general downside trend.