In the Asian trading session on Wednesday the currency pair trades with a slight price rise staying within the support at 1.1099 and resistance at 1.1153. In the short run the market has definitely a bullish sentiment with attempts to breach the current level of resistance.
Exponential moving averages have significantly slowed down, the MACD-histogram reduced and is close to entering a positive zone looking upwards. The oscillator Stochastic is seen in the zone of oversold sending signals to buy. The RSI indicates a firm bullish market potential and is about to enter the zone above its central line.
Thus, the technical structure is not in favour of bears today. The question left is whether buyers will take advantage of it?
In case of breaching the level of resistance, the nearest target might be 1.1216 and further 1.1242. Otherwise, the price might slide to 1.1010.