Short-term bullish bias
Key levels: downside: 111.35 / upside: 111.75
The pair has repeatedly bounced off along the 20-day moving averages, which would suggest these averages are significant levels where strong buying interests show up. The bullish trend would last as long as buyers keep joining the trend.
On the 4H chart, the price has been trading between 111.00 and 111.90 in what looks like a triangle consolidation. This provides opportunities for range-trading within clearly defined boundaries. On the hourly chart, the successive breaks of 111.44 and 111.60 are signals that buyers have become more aggressive. The bullish MA cross can be seen as a confirmation that the price is in a short-term bullish trend.
Trend followers are likely to join in around the 20-hour MA as a key support level. On the upside, 111.75 would be a strong resistance to monitor for the next few hours.
