EUR/USD closed Tuesday trading above 1.1260

A long-awaited close above the 50% Fibonacci retracement of the Jul-Aug uptrend became reality yesterday. While being underpinned by the 55-day SMA, currently at 1.1169, EUR/USD pierced through several crucial resistances to reach the 1.1270 mark by the end of Tuesday's trading session. However, a recovery remains sluggish, meaning that we should observe Wednesday's consolidation above 1.1260, in order to completely refocus our attention to the upside. In case of success the long traders will target both upper Bollinger band and 38.2% retracement at 1.1364/68.

The share of bulls fell from 50% to 49% in the past 24 hours, while long pending orders in 100-pip range from the spot price improved from 50% to 52%.