EURUSD - Time to take off?

EURUSD (1H) - short term bullish bias

The support area around 1.1050 saw strong demand for the euro after it failed to break above the previous high of 1.1090. Buyers have renewed their push in hope of getting rid of the last roadblock. We may expect the immediate support level of 1.1070 and the moving averages to sustain the upbeat sentiment. The neutral RSI indicator suggests there is still enough steam in the current rally. The downside risk would be a drop below 1.1050 which would dent the buying fever.

Key support: 1.1050
Key resistance: 1.1120