Overnight reports suggest that the turnover last night around 1.0500 was very large with Sovereign names buying as market players bailed out of risk trades.
The short term downtrend looks to have a bit more juice in it, and a test of the 100-day MA at 1.0400 cannot be discounted. Rallies back towards the recent downtrendline at 1.0675 should also meet plentiful grateful sellers. Trading the edges of this range would seem a sensible play.