The EUR/USD is looking to retest the high of 2017 and possibly break the resistance of the range the currency pair has been trading in for over 2 years. This is a far cry from some of the start of the year forecasts of the pair moving to parity by some major banks.
The Euro area has been showing great economic strength this year and there has been a large amount of capital inflow into the area. Although the US economy is also doing well, it’s not doing as well as Europe, and the US is constantly having to deal with political issues.
The Euro may have some trouble breaking this resistance level as Mario Draghi and the ECB have been slow to tapering.
Be careful of buying the EUR/USD pair at this level, you may on the wrong side of the trade if the price reverses.