By: Dima Chernovolov
EUR/USD recently broke the daily Rising Wedge which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 9-bar level – which is the result of the sharp Initial Trend (9 bars), strong Uniformity (rated at the 7 bar level) and maximum Clarity (10 bars). EUR/USD is expected to fall toward the forecast price 1.1462 – in line with the earlier sharp downward reversal from the key resistance area shown below.
As can be seen from the daily EUR/USD chart below, the price recently reversed down from the resistance area lying between the powerful resistance level 1.1800 (which has been reversing the price from July) and the upper daily Bollinger Band. The proximity of this resistance area increases the probability EUR/USD will continue to fall toward the forecast price 1.1462.
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