Daily Forex Update: EUR/USD
By: Dima Chernovolov
EUR/USD continues to fall inside the daily Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 5-bar level – which reflects the slow Initial Trend (one bar), below-average Uniformity (4 bars) and strong Clarity (8 bars). EUR/USD is expected fall further inside this Down Channel – in line with the earlier breakout of the key support level shown below.
As can be seen from the daily EUR/USD chart below, the pair previously broke through the major key support level 1.1300 (which stopped the price sharply in August and October, as can be seen below). This price level is acting as a strong resistance level after it was broken. The strength of the active daily downtrend and the proximity of this resistance level increase the probability EUR/USD will continue to fall inside this Down Channel.
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