The price is now into a corrective phrase after a long downward movement. As you can see from the Monthly chart, we had a downtrend from 2007 till 2013, when the price has found a very strong support at 1.4555 – 1.4380 area. The rate has decreased with more than 11000 pips from 2007 till 2013. We also had a spike up in October 2008 but the price wasn’t able to close higher than the previous high from 2.5629. The highest level from 2005 till now is at 2.7083 and the lowest level was reached in March 2013 at 1.4380.
I've drawn a pitchfork on the downtrend to be able to understand the price action much better. The price has tested several time the lower median line (LML) of the pitchfork.