“¢ The cross managed to defend 200-hour SMA and attracted some decent buying interest near the key 125.00 psychological mark during the Asian session on Wednesday.
“¢ The intraday positive move helped the cross to recover a major part of the previous session’s slide from two-week tops and seemed unaffected by the latest ECB policy decision.
“¢ Given that oscillators on hourly charts have been gaining traction support prospects for additional intraday gains, though mixed indicators on the daily chart warrant some caution.
“¢ Hence, bullish traders are likely to wait for a sustained move beyond the overnight swing high, or near two-week tops, coinciding with 61.8% Fibo. of the 126.79-123.65 recent slide.
EUR/JPY 1-hourly chart
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