The horizontal yellow band represents my view of the EUR/USD normal range. The median value is $1.23. The first 10 years of the Euro's existence were marked by continuous media speculation about its imminent demise, which sent it into the nether regions. The Financial Crash at the end of the Noughties sent it into the stratosphere. Long-term it will oscillate around the median value. At present it is in a down-swing in a long term upward trend, a down-swing that will continue until the middle of 2022.