Bulls pressure key barriers but risk of recovery stall exists

The Euro stood at the front foot in Asia on Tuesday, maintaining positive tone following Monday’s 0.4% advance that eventually broke and closed above significant barrier at 1.1246 (Fibo 23.6% of 1.1448/1.1183 fall).
Fresh bulls pressure key barriers at 1.1284 (20SMA / Fibo 38.2% / 10WMA), firm break of which is needed for reversal signal and further recovery.
However, risk of stall under 1.1284 pivot exists as negative momentum continues rise and bearish divergence on daily momentum weighs.
Negative scenario needs extension and close below 10SMA (1.1230) to confirm top and shift focus towards cracked key supports at 1.1186/76 (Fibo 61.8% of 1.0340/1.2555 / 2019 low posted on 7 Mar).
Key events: ECB’s policy meeting; EU summit and US CPI data on Wednesday are expected to provide fresh direction signals.

Res: 1.1274; 1.1284; 1.1321; 1.1347
Sup: 1.1255; 1.1230; 1.1206; 1.1186