The Euro dollar has reached a critical long-term resistance level between 1.1050 and 1.1075. This area marks the 23.6% retracement of the entire downward move from the peak in 2008 to the low in 2022. It is also where the previous long-term uptrend, dating back to the low in 2000, intersects. This intersection is expected to serve as strong resistance.
Considering the daily Relative Strength Index (RSI), which indicates a loss of upside momentum, it would be reasonable to expect some profit-taking at this level.
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