The hammer candle from Tuesday bounced from recent resistance at 1.11200 indicating that sellers are not strong enough for a break below.
The Bollinger bands have also tightened showing a lack of volatility, which is often seen before a period of strong volatility.
I am holding out for a candle to break above the 1st top bollinger band and close in the upper zone, this would be an ideal set up for a long position mid week commencing the 26th.