Trade of the Day: EUR/USD

EUR/USD recently broke the hourly key resistance level 1.0881, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 4-bar level – which is the result of the four previous reversals from this price level. EUR/USD is expected to rise toward the forecast price 1.0925.

As can be seen from the daily EUR/USD chart below – the pair earlier reversed up from the support area located between the support level 1.0800 (which also reversed the pair earlier this month), 20-day moving average, support trendline from November and the 38.2% Fibonacci retracement of the previous upward impulse from the start of January. The proximity of this support area and the clear daily uptrend increase the probability EUR/USD will continue to rise toward the forecast price 1.0925.