Current level is 1.1790 and above the rising 200 day moving average which is at 1.1264. The recent downside correction seems to be losing momentum. The 14 day relative strength index is now at 50 percent and has broken the downward trend which has been in force for the past two months.
The macd indicator has recently broken into positive territory and suggests that more upside is on the cards.
A look at the monthly chart should make it clear that the bear trend which found its source in the year 2008 has ended. Downside levels towards 1.05 over the last 5 years were also short lived. Immediate upside targets are 1.2550 and thereafter 1.31.