Correction Phase ; Downside Breakout
On the short -term the market the market still ranging between 1.05 and 1.12 levels as awaiting a more data to decide the new mid-term direction.
Note that the expected rise requires holding above 1.0700, as breaking this level will push the price to retest the previously breached resistance of the bearish channel that turns into support now at 1.0560 before any new attempt to rise. those levels considered critical for short-term traders .
On the longer-term view : the market on the down trend driven by a lot of factors ; moreover , a levels below 1.04s is expected and parity exchange rate would be in the next half of 2015.
Daily Trend: Neutral
Weekly Trend: Down