The euro consolidates its recent gains ahead of today’s ECB meeting. The pair has recovered from the 30-day moving average (1.2105).
Hourly MAs have shown a bullish cross through the path upward could be choppy. A break above 1.2205, the origin of the latest sell-off would strengthen the bullish bias. Lifting 1.2250 would be a step closer to the peak at 1.2350.
In the meantime, an overbought RSI has prevented traders from chasing momentum. 1.2150 is the immediate support.
