EUR/USD Technical Analysis: Tests 5-day MA hurdle amid geopolitical tensions

• EUR/USD is looking to gain ground amid heightened geopolitical tensions. 
• A break above Monday's high of 1.1206 is needed to revive the bullish case. 

EUR/USD is currently trading at 1.1161, representing marginal gains on the day, having tested the 5-day average resistance at 1.1168 a few minutes before press time. 

The common currency is again looking to gain ground amid heightened geopolitical tensions following Iran's retaliatory attack on US bases in Iraq. 

The shared currency could act as a safe have, given Germany and most other Eurozone nations are offering negative yields on their bonds and the Eurozone is running a current account surplus. 

So far, however, the gains have been muted. Also, the pair established a lower high at 1.1206 on Monday, weakening the case for a break to fresh multi-month highs above the Dec. 31 high of 1.1239. 

Meanwhile, on the downside, key support is 1.1125 (Jan. 3 low). A violation would expose the 100-day average, currently located at 1.1064.

Daily chart

Trend: Neutral

Technical levels