Since January 2015, when the EUR/USD broke multy year support at 1.0800/650 the pair didn’t manage to recover above the same and it has spent two and a half years bellow. The buyers have tried to push the pair true that level fot two times, in August 2015 (1.1712 high) and in May 2016 (1.1615 high), but the sellers was simply to strong. After that fails the pair returned to major multy year support at 1.0350/500.
As we can see now, the EUR/USD approached on that strong resistance again, pushing up from March for 5 months in a row. As you can see, the pair already broke several important resistance areas on the way up, fighting with huge sellers in July. Can the buyers overcome this area and build the new strong support areas for 2017, aiming at the montly MA’s after at 1.2300 (MA200) > 1.2700 (MA100)!? This is tough area to trade, but it will be interesting to follow for sure.
How do you see this?