EURUSD – near-term bias remains with bulls for recovery extension
The Euro remains constructive on Tuesday and cracked pivotal barrier at 1.2326 (Fibo 38.2% of 1.2522/1.2205 bear-leg), signaling stronger upside after completion of Doji reversal pattern on daily chart.
Recovery needs to break above converged 20/10SMA’s at 1.2335/49 for fresh bullish signal and extension towards next pivots at 1.2363 (daily Tenkan-sen) and 1.2400 (Fibo 61.8% of 1.2522/1.2205 pullback.
North-heading daily RSI and slow stochastic are supportive, however, bearish momentum is building and requires caution.
Rising 30SMA continues to underpin (currently at 1.2247) and only break here would weaken near-term structure.
Res: 1.2349; 1.2363; 1.2400; 1.2447
Sup: 1.2284; 1.2247; 1.2205; 1.2161