EUR/USD Tests 61.8 of the Lifetime Move
The Euro came into inception in 1999, and a year later set a low at .8229. In 2008, before the Financial Collapse drove a rally in the USD, EUR/USD set a high above 1.6000 that hasn't been taken out.
But, perhaps more pertinent are the levels produced by the Fibonacci retracement around the lifetime move in the pair.
The price of 1.1212 has been especially important as it played a big role in the currency pair's range through 2015 and 2016. More recently, it had offered support for a few months in 2021 before sellers drove a deeper move, and it was back-in as resistance in July of last year as it helped to carve out the high.
That price came back in the picture this morning for the first time in a year and, so far, it's holding the high on the day. Notably, the US Dollar had an open door to breakdown as that resistance test was showing and DXY held just one pip above the prior yearly low.
If we are going to see reversion themes, this remains important in both DXY and EUR/USD. -js
But, perhaps more pertinent are the levels produced by the Fibonacci retracement around the lifetime move in the pair.
The price of 1.1212 has been especially important as it played a big role in the currency pair's range through 2015 and 2016. More recently, it had offered support for a few months in 2021 before sellers drove a deeper move, and it was back-in as resistance in July of last year as it helped to carve out the high.
That price came back in the picture this morning for the first time in a year and, so far, it's holding the high on the day. Notably, the US Dollar had an open door to breakdown as that resistance test was showing and DXY held just one pip above the prior yearly low.
If we are going to see reversion themes, this remains important in both DXY and EUR/USD. -js
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