Historical Eurusd charts shows that the euro currency fell against the US dollar when it was introduced in 1999. From April 2002 onwards, it strengthened against the US dollar from 0.84 to 1.58 in 2008.
As the currency of 21 European countries, it is also the second largest reserve currency in the world.
Historical Eurusd Charts Shows Long Term Uptrends And Medium Term Downtrends
Before the rally which started in April 2002, Eurusd spent a total of 24 months in consolidation, between 0.8397 and 0.9582, a total of 1185 pips. During this period, there are short to medium term trends.
On 22nd April 2002, Eurusd finally broke out, and trends for a period of 3 months, before resting again for another 3 months, until 18 Oct 2002, and trends again. This stop and trend behaviour continues until 19 Jan 2004, where it reached the peak at 1.2590.
Consolidation In Historical Eurusd Charts
It dropped to 1.1886 and consolidates until 20 Sep 2004 where it make another move to the top at 1.3493 on 20 Dec 2004. There was another failed attempt in 14 Mar 2005 where it then settled back to 1.1936 in 27 Jun 2005.
Basically not much movement until 13 Mar 2006, when it starts to move strongly again. This time Eurusd rallied so strongly to 1.5805 on 14 Apr 2008. This was 25 months of good solid uptrend.
Eurusd Drops Rapidly
One observation was made about the rapid drop from 14 Jul 2008, at 1.5893 to 1.2502 (-3391 pips) in 17 Nov 2008, and the parallel drop from 1.4954 on 30 Nov 2009 to 1.1978 (-2976 pips) on 31 May 2010. The movement is swift and happens over 4 to 6 months. This information would be useful for analyzing current Eurusd price movement.
The highest prices made were:
1.5843 on 14 Jul 2008,
1.5092 on 23 Nov 2009 and
1.4810 on 25 April 2011
Looking at this trend, Eurusd would be expected to make a lower highest price in the future.
Major Supporting Prices For Eurusd
From year 2004 to 2011, Eurusd has never fall below 1.1714. The price range of 1.1714 to 1.2677 is an area whereby the exchange rates tend to bounce between.
From studying the historical Eurusd charts, we can conclude that Eurusd rises slow and steadily, but falls rapidly, with major support in the 1.17 price region.