1) Uptrend with higher highs and lows on weekly, daily and 4 hour time frames. 2) After break of the key resistance area around 1.32900, we had a retest as support with daily bullish engulfing candle. 3) EMA/MA crossover on the 4 hour time frame with doji rejecection against EMA 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.