Before going into details most important conclusion is that this pair has bottomed and now is about to start a strong rally for primary wave C (circled red).
Currently price is unfolding wave 2 (or B) right at the 0.61 fib retracement.
After a long term decline from Nov 2007 we can see three nice corrective channels with three almost perfect patterns.
pattern (red) : wave C (circled red) is unfolding now
W=Y pattern (orange)
The rally from current price is starting this month and will continue till next year to complete wave C (circled red)