EUR/USD Price Analysis: Bulls again defend the 100-day SMA

EUR/USD looks north, having defended the 100-day Simple Moving average (SMA) support on Tuesday with a green long-tailed candle – evidence of dip demand. 

The immediate resistance is seen at 1.2139 (50-day SMA), followed by the Feb. 25 high of 1.2243. 

A daily close below the 100-day SMA, currently at 1.2024, would invalidate the bullish outlook. 

The pair defended the 100-day SMA in early February, following which stronger buying pressure emerged, lifting the pair from 1.20 to 1.2243. 

Daily chart

Trend: Bullish

Technical levels