1) Uptrend with higher highs and lows on weekly, daily and 4 hour time frames.
2) After break of the key around 1.32900, we had a retest as support with daily candle.
3) EMA/MA crossover on the 4 hour time frame with rejecection against and minor support.
4) Most recent 4 hour candle closed above previous highest close.
5) The biggest picture indicates that this is a retractment on it's way back up to form higher highs or at least test previous highs.