The pair recently established a significant spike up, which signals a monumental change in the underlying sentiment. After concluding a significant bearish trend, which was initiated in the wake of the initial market crash in late-March, the price action looks ready to revert its course, and start climbing back up.
Even though the underlying bullish bias is rapidly rising, this does not mean that the bulls could place their buying orders just anywhere. Instead, they might prefer to sit and wait for a new bearish correction to be established before they join the market.