Daily Forex Update: EUR/USD
By: Dima Chernovolov
EUR/USD continues to rise after the earlier upward reversal from the bottom of the daily Down Channel which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 8-bar level – which reflects the sharp Initial Trend (10 bars), below-average Uniformity (4 bars) and strong Clarity (8 bars). EUR/USD is expected to rise further inside this Down Channel – in line with the earlier uwpard reversal form the support area shown below.
As can be seen from the daily EUR/USD chart below, the bottom of this Down Channel formed inside the support area lying between the key support level 1.1380 (which stopped the sharp downtrend in August) and the lower daily Bollinger Band. The proximity of this support area increases the probability EUR/USD will continue to rise inside this Down Channel.
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