The technical will always tell you what is going to happen before the news. Bullish momentum is trying to build via accumulation. By following the current leg down that we are now retracing, we should test 1.1200 area. If we gain that, we then will progress to 1.1315 area. As indicated on the chart, price always follows, the structure: accumulation-leg up-distribution-leg down. We must test what we lost, then try to make a new high.