If there were ever an opportunity for the euro to reach parity with the US dollar, it would have been now. But EUR/USD has held up better than most would have expected given the severity of the Ukraine conflict.
Granted, at the time of writing, the pair is down by some 1.2% since the beginning of last week, but it tested and failed to make a sustained break below the 1.11224-1.11166 region. Had it done so, all eyes would have been on a continuation of the downtrend started in the final quarter of last year.
Instead, EUR/USD, like Ukrainian defence efforts, has faced decent support in the face of severe adversity. Furthermore, there is quite a bit of price congestion/buy zone support for EUR/USD in the 1.08090-1.03529 region.
For the moment, EUR/USD has formed a range between 1.14836 and 1.11224. But recent price congestion points to moves above 1.3700 and below 1.12600 as giving a degree of confidence of potential direction.
