'Even though it might not be a valid technical argument, history has proven that when it looks the worse things might take another route. This might be a dangerous bet as the trend is your friend but oversold stays oversold.'
That was the concluding sentence of my blog entry dated March 12th 2015. A day later the single currency set a new 12-year low against the greenback at USD 1.0461 and then started to climb. Currently the euro is trading at USD1.1033 -572 pips higher.
Right at the moment we have reached a very interesting level. Slightly above the intraday-high set after the latest FED policy meeting (that was sold off almost as fast as the level was reached) but below the last significant low at USD1.1097.
Daily chartThis level could be the end of the euro's comeback but given the momentum there is a high probability that the single currency will continue to add gains versus the greenback. Once the euro trades above USD1.1097 we will probably see further upside.
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