EUR/USD technical analysis: Defends 200-day MA for three straight days

• EUR/USD looks north, having defended key support for three days.
• Weekly indicator is bullish for first since April 2018.  

EUR/USD could make a renewed push for a sustained break above 1.14 today, having defended the crucial 200-day moving average (MA) support for the last three days.

The repeated defense of the long-term average validates the bullish inverse head-and-shoulders breakout and the higher lows and higher highs pattern confirmed by last Friday's close at 1.1369.

Supporting the bullish case is the 14-week relative strength index, which has turned bullish for the first time since April 2018.

Therefore, EUR/USD looks set to challenge the April 25 high of 1.1412. A daily close above that level would invalidate the bearish outside day and strengthen the case for a rise to 1.16.

The outlook would turn bearish if the spot finds acceptance below the 200-day MA, currently at 1.1351.

Daily chart

Trend: Bullish

Pivot levels