Price has be in a strong downtrend in the weekly chart but has recently found a strong support. Price impulsively shot higher after testing the zone to find resistance and began moving correctively towards the same support as we can see here on this 4 hour chart. Price could also be forming a double bottom pattern this could be an early entry signal for position traders. However in the smaller time frames we can expect price to drop until it finds support around 1.52709-1.52535 before looking for bullish opportunities.