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 mrks 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
