It can be construed as correction and the pair is assumed to in bull cycle.
The value of 1.57393 provided strong support to the counter and it reversed the pair from the downtrend.
A pattern formed at the formidable support of 1.57393 is actually the wave 1 and 2 of the bull cycle.
The break of the trendline and the formation higher high also adds strength to the above theory.
Currently, the pair is testing the which can be used as a ‘buy on dip’.
We expect the pair to reach the of 1.60778 and we will update you regarding any change in our view.