The EUR/USD was launched January of 1999. After the launch it came under pressure until June 2002, the EUR/USD broke out in an amazing fashion to eventually trade to 1.6000 over the next 6 years.
Speaking of fashion, just shortly after Supermodel Gisele Bundshen announced she would only be paid in euros, it peaked (and double topped) and has dropped ever since.
Fast forward to today, and the EUR/USD has broken lower the last week as the GBP/USD has been taken to the woodshed to new all time lows overnight. With this move, the US Dollar has moved across the board and acted as a wrecking ball to the markets globally.
Today, we closed back at the June 2002 breakout point and tested the 161% extension of the Covid move higher in the EUR/USD (0.9583). As it is oversold, it is important to understand what critical support we trade at. Is it time to buy the EUR/USD?