The sharp rebound from the low of 1.0521 yesterday followed by a rise to 1.0630 today suggests the base if being formed, however, only a break above 1.0642 (38.2% of 1.0340-1.0829) would signal bearish invalidation and open doors for a rally to 1.0720 (Jan 17 high). Moreover, a daily close above 1.0642 would increase the odds of the pair forming an inverse head and shoulder.