EURUSD FOREX EXCHANGE Higher MIDDAY Friday August 18
EURUSD FOREX EXCHANGE increased 0.0019 or 0.16% to 1.1742 on Friday August 18 from 1.1723 in the previous trading session. Historically, the Euro Dollar Exchange Rate – EUR/USD reached an all time high of 1.87 in July of 1973 and a record low of 0.70 in February of 1985. The euro was only introduced as a currency on the first of January of 1999. However, synthetic historical prices going back much further can be modeled if we consider a weighted average of the previous currencies.
The EUR/USD pair touched a 3-week low level of 1.1662 on Thursday and was being weighed down by the release of dovish ECB monetary policy meeting minutes. The ECB’s July meeting showed policy makers were concerned with the recent Euro appreciation and believed that underlying inflation has not yet shown convincing signs of a pickup.
EURUSD FOREX EXCHANGE
The central bank also raised concerns over the possible risk of exchange-rate overshoot in the future and dragged the pair to fresh monthly lows. The pair, however, managed to recover from lows and was being supported by fizzling post-FOMC minutes US Dollar recovery, especially after rumors that National Economic Council Chairman Gary Cohn was set to resign, though was quashed by the White House later.
From a technical perspective, the pair has managed to rebound from an important support marked by a short-term descending trend-channel formation on 4-hourly chart. The pair is now holding comfortably above the 1.1700 handle and a subsequent up-move beyond 1.1750 level now seems to pave way for extension of the appreciating move towards the trend-channel resistance, currently near the 1.1820 region. Intermediate resistance is seen at 1.1780 level and the 1.1800 round figure mark.