Short-term structure and momentum currently favour buyers, as the recent dip to 1.1160 triggered buying interest.
Momentum favors sellers, while oversold conditions favor a temporary bounce.
The currency pair retreated to 1.1180 from the previous session's gains as the US dollar rebounded ahead of the Fed meeting minutes. Meanwhile, the dollar's strong bullish momentum faded as markets scaled back bets on an October rate hike following weaker-than-expected job growth in September.