EUR/USD Price Analysis: Consolidating on Tuesday's gain, 50-day SMA is the level to defend for the bulls

• EUR/USD's immediate bias remains neutral despite Tuesday's rise. 
• The recently held 50-day SMA line is a crucial support. 

EUR/USD is trading in a sideways manner in Asia, having defended the 50-day Simple Moving Average (SMA) support and gained 0.19% to 1.2160 on Tuesday.

While the bounce from the 50-day SMA is encouraging, the pair still holds below the lower high of 1.2190 created on Jan. 22. As such, the immediate bias remains neutral. A break above 1.2190 would expose the high of 1.2349 seen early this month. 

On the downside, the 50-day SMA is key support, which, if breached, could invite more substantial selling pressure, yielding a drop to 1.20. The sellers have failed to keep losses below the ascending or bullish 50-day SMA at least three times since Jan. 18. 

Daily chart

Trend: Neutral

Technical levels