Euro / Usd Fight for the key level 1.12!
In this article I would like to pay special attention to the current technical situation for the Euro / Dollar currency pair. It seems that we are in the key price area for this pair – see Figure 1. The rate from nearly 150 last sessions moves in the range 1.12 – 1.15 (1.15 is a strong resistance level determined by the arithmetic average of the last 600 sessions), the range of fluctuations is constantly narrowing. Currently, the course is fighting to get back above the important resistance level 1.12. Will it work? Probably not. Acceleration of inheritance is a matter of time – see the yellow trend line from Fig. 1.
As the target level of this downward wave in the long term, the 1.06 level was determined (blue line from figure 1). At the moment, it seems to be an abstract level, however, the technical analysis system of major currency pairs and global exchanges indicates the beginning of this scenario.