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Chart Of The Day: EUR/USD

Published 09/27/2022, 08:02 AM
EUR/USD
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GBP/USD
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DX
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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.

EUR/USD Chart

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?

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