The pair has been in a mini-up-trend ever since bottoming at the end of May.
It then rallied up and made highs of 1.1379 on the 4th of June, before pulling-back in an a-b-c correction down.
Yesterday it rotated and moved higher again after the a-b-c completed, rising up again over the last 24 hours on the back of very strong growth data from Spain – we are now back near the 1.13s and the R1 Monthly Pivot.
The very short-term up-trend will probably extend higher. Ideally I would like to see a break above 1.1379 for confirmation of more upside, which would generate a target at 1.1466.