As of the current price of 1.104, the EUR/USD pair continues to exhibit a long-term bearish trend dating back to 2008. The historical chart reveals a clear pattern of price fluctuations within a defined range, oscillating between established support and resistance levels.
Currently, the price is approaching a significant resistance zone. This resistance level represents a historical high, where the price has previously struggled to break through, indicating a potential for lower high history to repeat itself.
Given the proximity to this resistance level, there is a notable opportunity for a bearish move. This is illustrated by the blue arrow on the chart, suggesting that the price may decline towards the designated target area, marked by the blue rectangle.
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