- EUR / USD extends the three-day upward movement from the yearly lows.
- The pair recovers the barrier of the 21-day SMA on its way to recovery.
- Daily RSI remains bearish, a cause for concern for EUR bulls.
EUR / USD is stretching its recovery momentum above the 1.1600 level, moving higher for the third day in a row at the start of the European session on Tuesday.
Thus, the currency pair has recovered the critical 21-day moving average at 1.1602, although it remains to be seen if the price manages to close above this level.
The 14-day RSI is pointing to the upside, but it remains below the midline, keeping EUR sellers hopeful.
Should the bears regain control, then the pair could retest the daily lows at 1.1577, below which a further decline towards the 1.1550 barrier cannot be ruled out.
Further down, a drop towards the trend line support at 1.1511 could be on the table.
EUR / USD daily chart
On the other hand, acceptance above the 21 SMA on a daily close will likely extend the rally towards the downtrendly sloping 50 SMA at 1.1670.
Higher up, the psychological level of 1.1700 will test the commitment of the bears.
EUR / USD additional levels
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