Since March 2015 EUR/USD
pair is caught within a record long range, defined of closing highs and lows for the last 52 weeks.
If the pair is streaming downwards, the former channel support is turning into resistance, seen on the D1 chart.
During today’s trading EUR/USD erased some losses, accumulated earlier. In the
early afternoon the pair was hovering around $1.1088 mark, but pushed above the
key resistance at $1.11 to reach an intraday high at $1.1120.
Still the pair is hanging on a flat 200-day moving average, where the strong
resistance at $1.11 is actual and seems the line will not be blurred soon. Next
resistance levels are located at $1.1495 and $1.1601. Looking downward, major
support is seen at $1.0785 and $1.0465.
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