EURUSD – near-term bias to remain negative while 1.2000 barrier intact

The Euro traded within narrow range in Asia on Tuesday and bounced slightly in early European session, supported by upbeat German data (Nov IP 3.4% vs 1.9% f/c; Nov trade surplus widened to 22.3B from 19.9B in Oct and 20.9B f/c).
Fresh gains were so far limited by broken 10SMA (1.1978) which marks initial resistance and guarding psychological 1.2000 barrier (former triple-low support).
The pair remains at the back foot following two-day fall after repeated upside rejections under 1.2100 pivot.
Near-term bears pressure 1.1950 zone (Fibo 38.2% of 1.1717/1.2088 upleg) where strong bids lay and significant stops parked below.
Break here would open way for extension of pullback from 1.2090 zone towards 1.1900 (flat daily Kijun-sen / 50% retracement) and 1.1860 (Fibo 61.8% / trendline support) in extension.
Lift above 10SMA needs to regain and break above 1.2000 pivot to signal an end of correction and shift near-term focus higher.

Res: 1.1978; 1.2000; 1.2052; 1.2092
Sup: 1.1950; 1.1900; 1.1875; 1.1860