EUR/USD Price Analysis: Tops key resistance, eyes 1.15

• EUR/USD has found acceptance above a newfound resistance at 10440. 
• The breakout is backed by bullish readings on key indicators. 

After failing for three straight days to establish a strong foothold above 1.1440, the pair finally managed to close above the price hurdle on Monday. The pair also invalidated the horizontal resistance at 1.1422 (June 11 high). 

The breakout above 1.1440 has bolstered the case for a test of 1.15 put forward by Friday’s close above the 200-week simple moving average (SMA). Key indicators are also biased bullish. For instance, the 5-, 10, and 50-day SMAs are trending north and the 14-day relative strength index is hovering above 50.00.

At press time, the pair is trading 1.1458, having put in a high of 1.1468 during the overnight trade. 

A close below the ascending 10-day SMA at 1.1378 is needed to invalidate bullish pressures. 

Daily chart

Trend: Bullish

Technical levels