EUR/USD Technical Analysis: Cautiously bullish ahead of ECB, eyeing a sustained move beyond 38.2% Fibo. level

   •  The pair's recent recovery move from closer to YTD lows, or multi-month lows, has been along an ascending trend-channel formation on the 1-hourly chart. 

   •  The overnight pullback from the channel resistance showed some resilience below 50-hour SMA, with bulls regaining control ahead of the ECB policy update.

   •  Moreover, the fact that the pair has managed to hold above its important intraday moving averages - 100 & 200-hour SMA, add credence to the constructive set-up.

   •  Bullish oscillators on hourly charts further support prospects for an extension of the positive momentum, though neutral indicators on the daily chart warrant caution.

   •  Hence, traders are likely to wait for a sustained move beyond 38.2% Fibo. level of the 1.1448-1.1184 recent downfall before placing aggressive near-term bullish bets.

EUR/USD 1-hourly chart