By examining the daily chart, we will find that the pair has breached the resistance line of the bearish trend which was organized by the above seen descending channel.

This breakout suggest that further gains are under way over short term basis as the pair has already taken 50% Fibonacci of the entire downside wave opening the door towards 61.8% level at 0.9945.

Our proposed bullish scenario could be observed on the graph and the bullish pattern with a neckline at 0.9590 supports it but the pair may find some kind of resistance due to the negativity on momentum indicators before achieving the awaited breakout above this neckline.

To recap, clearing 0.9590 will ease the path towards 0.9945 followed by 1.0600 but on the downside, a break below 0.9170 will limit the correction and the major long term bearish trend will come back into focus.