EURUSD has trouble with this level

An interesting technical level to watch for EURUSD. For some reason, it has trouble staying North of this red line save less than 3 months (March – May 2016) in the last two and a half years.

Based on recent price action, it is clear market acknowledges the presence of this level. Momentum is still up but EURUSD is softening possibly from profit taking. Would be interesting to see what happens at the end of the month.

EURUSD monthly chart from September 2014 - present

EURUSD monthly chart from September 2014 – present

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