Daily Forex Update: EUR/USD

By: Dima Chernovolov

EUR/USD continues to rise inside the 4-hour Up Channel chart pattern which recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), strong Uniformity (8 bars) and above-average Clarity (6 bars). EUR/USD is expected to rise further inside this Up Channel – in line with the earlier breakout of the key resistance level shown below.

As can be seen from the daily EUR/USD chart below, the price earlier broke through the key resistance level 1.1960 (which stopped the previous sharp upward impulse in November). This price level is acting as support level after it was broken recently. The proximity of this support level increases the probability EUR/USD will continue to rise inside this Up Channel.

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