Successive ascending bottoms were established on the daily chart. This means the uptrend line established on September 2013 is still intact.

As expected, the ongoing bullish impulse succeeded in hitting price level of 1.3900. This level corresponds to 100% Fibonacci Expansion.

According to the fundamental point of view, bearish pressure is being applied on the pair especially after Benoit Coeur's statements about the existence of deflation risks and the urgency to prepare to face it.

In the 4H chart, the pair failed to keep its earlier gains when as the pair declined to record a low at 1.3830.

Bullish momentum needs 4H closure above 1.3888 to remain strong for further bullish targets around 1.3950 initially.

Technically, the price zone of 1.3630-1.3720 which is trapped between 50% and 61.8% Fibonacci levels, remains an important demand zone for the pair.

Stop loss for the bullish scenario is located below 1.3700-1.3720.