EUR/USD Technical Analysis: 1.1370 is the level to beat for bulls

EUR/USD is reporting moderate gains in Asia, possibly due to US-China trade optimism, however, a break above 1.1370 is needed to confirm a revival of the stalled recovery rally from the Feb. 15 low of 1.1234.

Daily chart

As seen above, the pair jumped 0.28 percent last Tuesday validating the long-tailed doji candle created on Feb. 14. The recovery rally, however, has stalled, as indicated by the long upper shadows attached to the previous three daily candles.

A close above 1.1370 (Feb. 20 high) would signal a resumption of the rally from the Feb. 15 low of 1.1234 and open the doors to 1.1407 (61.8% Fib R of 1.1514/1.1234).

The bears, however, may feel emboldened if Friday's low of 1.1316 is breached.

Trend: Bullish above 1.1370