Daily Forex Update: EUR/USD

By: Dima Chernovolov

EUR/USD has been rising in the last few trading sessions inside the Clear Up Channel chart pattern which was recently identified by Autochartist on the daily charts. Autochartist rates the quality of this Up Channel at the 8-bar level – which reflects the sharp medium Initial Trend (10 bars), medium Uniformity (5 bars) and near-maximum Clarity (rated at the 9 bar level). EUR/USD is likely to rise further inside this chart pattern in line with the earlier breakout of the key resistance level shown below.

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As can be seen from the daily EUR/USD chart below, the price earlier broke above the key resistance level 1.1900 (which reversed the previous impulse wave at the start of this month). This price level is acting as support after it was broken. The proximity of this support level and the rising daily Momentum and CCI – increase the probability EUR/USD will continue to rise inside this Up Channel.

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