The pair has recently risen above 0.9600, which is a level not seen since 2002 in the mid-term.
Recently, bullish recovery was observed particularly in the vicinity of a significant psychological support.
It was expected that the closest support level was situated close to 1.0200, and that it would be met with a bearish rejection and a short-term SELL Entry.
Subsequently, the price was recently pushed back downward in order to examine the 0.9500 levels.
The market saw an impressive surge in buying pressure around the bottom boundary of the prevailing trend range. The bulls quickly managed to hit their targets of 1.0150 and 1.0500.
The price movement near the major level of (1.0500) was clearly bullish, resulting in further bullish momentum towards the 1.0700 mark.
Alternatively, a bearish downturn to 1.0000 could be seen as a desirable BUY occasion for the long-term.