A very short-term "buy" signal has just been generated on this pair, which was brought about by bears' inability to push the price further south. There has been a gradual bullish effort this week, which has culminated in a bullish signal. The price is above the demand level at 106.00, and it is very close to the supply level at 106.50, which would easily get broken to the upside, as the price targets another supply level at 107.00.
In the short term, there is the Bullish Confirmation Pattern in the chart. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. In case the market gains another 200 pips, moving northwards, the bullishness in the market would get stronger.
