EURUSD remains bid but struggles under 1.2000/20 pivots
The Euro stands higher on Wednesday and remains underpinned by 10SMA which contained pullback from 1.2092 but struggles under psychological 1.2000 barrier.
The price penetrated in descending thick hourly cloud (spanned between 1.1976 and 1.2020) with break above the cloud needed to signal stronger upside. Acceleration above 1.2028 (Friday’s high / Fibo 61.8% of 1.2092/1.1925 pullback) would confirm reversal and higher low at 1.1925.
Overall picture remains bullish but mixed signals from studies on lower timeframes suggest that the pair may stay in extended consolidation while 1.2000/20 pivots cap.
Initial range lies between 1.1960 and 1.2000.
Res: 1.2000; 1.2020; 1.2070; 1.2092
Sup: 1.1976; 1.1960; 1.1925; 1.1877