The pair has reacted positively on a key support area
around 105.40. The 105.40 level corresponds to the 200 simple moving average
, the top of 2013 and approximately 38.2% Fibonacci retracement
. Looking at indicators, the weekly RSI
has also bounced off a strong level around 28 which has been a support since 2010.
As long as 105.40 isn't broken by a significant margin, the bull camp has the edge in my opinion.