The last time the price traded above the 200 hour moving average was back on September 14 when the moving average was up at 1.1840. That break only lasted a couple hours before failing and rotating back to the downside.
With the current moving average some 270 pips lower, the technical price hurdle is easier for the buyers. Nevertheless it still tilts the short term bias more to the upside as long as the price can remain above that moving average level.
The next target comes in at the high from Monday's trade at 1.1586. Moving above that opens the door for further upside momentum.