EUR/USD could extend its recovery if 1.0020 is confirmed as support

EUR/USD has managed to climb above parity early Tuesday. Additional gains are likely above 1.0020, FXStreet’s Eren Sengezer reports.

Recovery gains could be witnessed in case the 1.0020 level is confirmed as support

“On the upside, 1.0080 (Fibonacci 38.2% retracement of the latest downtrend) aligns as the next recovery target ahead of 1.0100 (100-period SMA, psychological level) and 1.0130 (Fibonacci 50% retracement).”

“1.0020 (Fibonacci 23.6% retracement) forms key support. In case the pair retreats below that level and starts using it as resistance, it could extend its slide toward parity and 0.9980 (50-period SMA, 20-period SMA).”