Don't get too excited though
When I look at the price action today, one thing jumps out...Buyers entered against the 100 hour MA (blue line in the chart below). Yes the price dipped a few pips below the level (the 100 hour MA is at 1.1005. The low came in at 1.1000), but the buyers emerged. The buyers remain in control - well they did against that level.
Now before getting too excited, the price action is up and down today. For the week going forward (and today), there is more work to do above to give more green lights for buyers. For example, the 200 hour MA (green line in the chart above) currently at 1.1075 needs to be broken. There is the underside of the broken trend line also at the level. The high from Friday was at 1.1072. All this stuff, makes that level a key level to get and stay above if the buyers really have a shot.
The price did extend the narrow range for the day in the last hour. No momentum. Although buyers showed up below, they are running out of steam already....
So, technically, we can cheer the 100 hour MA holding support, but there may be some who may be cheering a rally to sell against the 1.1072-75 area. That will be the keys for this week's bias and direction going forward.
