This is one of the most important line for this currency pair. Who knows why? Not because of previous lows. There is a reason why price has stopped at this level before.
Comments
IVAN_UK
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It stoped there because of this LITTLE KNOWN FACT: EURUSD's first trade back in January 1999 took place at 1.1747, within 5 pips of yesterday's low!
Lion
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it stopped because has reached 50% of all time heights and lows (from 1953 till now). There are three most important lines when it comes to investing. All time highs, all time lows and average based on this two points. At this moment we are exactly at the mean. It doesn't mean that it will move up and act as a support line, but as an investor (not a trader) as long the price moves up above this line you should short sell and if price moves below you start buying because it means that the currency starts to be cheaper. So if the price is below the line its considered to be cheap and if is above that means its expensive.