At least that is the case for now, as the pair rebounds to its highest levels since Friday last week and is seen up 1% today to 86.80 levels.
Amid the deterioration of risk sentiment on Monday and Evergrande fears, the pair broke below key daily support from the April low @ 85.42 but managed to keep away from a drop towards the August low @ 84.67 at least.
The weekly chart will still underline a bounce off the April low as the particularly meaningful level from a technical perspective, so that validates the rebound for buyers.
However, even with the push back above the 200-day moving average (blue line) @ 86.41 and buyers having seized back near-term control today in a push above the 200-hour moving average at 86.24, there still needs to be more convincing.
Price action in the bigger picture is rather defined by the series of lower highs and lower lows since July and until that breaks (watch for the 3 September high @ 87.89 in that regard), there are still some questions surrounding the latest bounce.
However, the semblance of a double-bottom pattern at 85.00 is a good start to build on.