EUR/USD Is Moving To The Upside

While I suspected that EUR/USD might continue to descend, the pair defied my expectations and moved to the upside. It failed to break above the resistance at 1.1281 and bounced off of it but later started climbing again. The pair will likely be testing that resistance again soon and should it break above it will probably continue climbing at least until it reaches the previous high at 1.1295, possibly heading for the resistance at 1.1340 if it moves above that level too.

Some Interesting Forex Trivia

1. Currency trading is hardly the invention of modern times. There is evidence in the Talmudic writings that “money-changers” who exchanged different currencies operated within the cities, mostly out of street stalls or from within the local temples.

2. The first real bank was Monte Dei Paschi di Siena and it was founded in 1472 in Tuscany, Italy. The bank is in operation to this very day.

3. The gold standard was introduced back in 1880 and many consider this to be the beginning of the modern foreign exchange.

4. At the beginning of the 1900s there were only two foreign exchange brokers in London.

5. But by 1913 half of the global foreign exchange was performed by using the pound sterling.