Daily Forex Update: EUR/USD

By: Dima Chernovolov

EUR/USD continues to rise inside the Up Channel chart pattern which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Up Channel at the 3 bar level – which is the result of the slow Initial Trend (3 bars) and below-average significant Uniformity and Clarity (both rated at the 4 bar level).  EUR/USD is expected to rise further inside this Up Channel – continuing the weekly upward impulse which broke the resistance area shown below.     

As can be seen from the weekly EUR/USD chart below, this Up Channel is aligned with the weekly upward impulse wave, which earlier broke the resistance zone lying between the resistance trendline of the weekly up channel from April, 200-week moving average and the two major resistance levels – 1.1610 and 1.1710 (multi-month highs from 2016 and 2015) .The strength of the active weekly impulse (reflected by maximum weekly Momentum) adds to the probability EUR/USD will continue to rise inside this Up Channel.

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