Daily Forex Update: EUR/USD

By: Dima Chernovolov

EUR/USD continues to rise inside the 30-minute Up Channel chart pattern which previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the slow Initial Trend (4 bars), significant Uniformity (7 bars) and strong Clarity (8 bars). EUR/USD is expected to rise further inside this Up Channel – in line with the earlier breakout of the major resistance zone shown below.

As can be seen from the daily EUR/USD chart below, the pair earlier broke through the powerful resistance zone located between the major, multi-month resistance level 1.2090 (which stopped the sharp uptrend in September) and the resistance trendline of the daily up channel from November. This price zone is acting as support area after it was broken. The proximity of this support area increases the probability EUR/USD will continue to rise inside this Up Channel.

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