Daily Forex Update: EUR/USD
By: Dima Chernovolov
EUR/USD continues to rise inside the hourly Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the sharp Initial Trend (10 bars), low Uniformity (2 bars) and maximum Clarity (10 bars). EUR/USD is expected to rise further inside this Down Channel – in line with the earlier upward reversal from the key support area shown below.
As can be seen from the daily EUR/USD below, the bottom of this Down Channel intersects with the strong support area lying between the multi-month support level 1.1270 (which has been reversing the price from November) and the lower daily Bollinger Band. The proximity of this support area and the oversold daily Stochastic increase the probability UR/USD will continue to rise inside this Down Channel.
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