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Positive above 10-day SMA as MACD teases buyers

  • EUR/USD registers a three-day winning streak.
  • MACD turns positive for the first time in seven weeks.
  • 10-day SMA holds the key to the monthly low.

EUR/USD remains mildly positive, +0.08%, while taking rounds to 1.0860 during the early Tuesday. The pair continues its run-up beyond 10-day SMA while bullish MACD after multiple days also favor the odds of further recovery.

In doing so, the 21-day SMA level of 1.0922 can lure the short-term buyers if the quote manages to stay strong beyond 1.0900 round-figure.

If the upside momentum prevails past-1.0922, a downward sloping trend line from January 16 and the previous month bottom surrounding 1.0985/90 could challenge the buyers.

On the contrary, the pair’s daily closing below the 10-day SMA level of 1.0835 can avail 1.0800 as an intermediate halt before revising the monthly low surrounding 1.0780.

EUR/USD daily chart

Trend: Recovery expected

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