EUR/USD, 1.1460 still unbreakable!
In the last 14 months, the EUR/USD is moving true the 1000 pips range in between 1.0460/500 and 1.1460/500, except only one month in wich the pair reached 1.1712 in August 2015. I wrote in my monthly analysis from March 29. that the pair is closing the month bellow 1.1200/25 for 12 months, but in March 2016., the pair finaly close the month above that level, which has become the support now. Is this a sign that the buyers will try to attack the huge sellers in 1.1460/500 again? As you can see, that level is realy strong resistance for so many months in 2015. and in 2016. for now as well, but the buyers have tried to brake that for several times and March ended good for them, after failed February. Can we say that the buyers are more determinated then sellers based on this chart? Yes we could, but that doesn’t mean that they will manage to brake true the resistance. If they do, I don’t see 1.17 as an strong resistance again, I see 1.2000/200 and Monthly MA200 as the the next target for the bulls. Sure, this will not be an easy job for them and 1.1460/500 is huge test for this possible scenario. The question is, who is this huge seller on that level for more then a year? The ECB indirectly maybe? Well, we will never know that. On the way back down, 1.1200 is the first support, 1.1000 second and 1.0800 the strong one in the last couple of months. EUR/USD is not my favoralbe pair for trading in this year, so I will just watch and follow the moves.