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 has been 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 defense 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, giving a degree of confidence of potential direction.
