Daily Forex Update: EUR/USD

By: Dima Chernovolov

EUR/USD recently broke the Uniform Down Channel which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this chart pattern at the 7 bar level – which reflects the below-average Initial Trend (4 bars), substantial Uniformity (8 bars) and significant Clarity (7 bars). High Uniformity reflects the even distribution of the connecting points of the lower and upper trendlines of this Down Channel.  EUR/USD is likely to rise to the forecast price 1.1015 in the nearest time.


As you can see from the daily EUR/USD chart below, the bottom of this Down Channel formed when the price reversed up from the support zone lying between the lower daily Bollinger Band and the strong, multi-month support level 1.0850 (which reversed the price twice in March, as can be seen below). The proximity of this support area increases to the probability EUR/USD will soon reach the forecast price 1.1015.


To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.


For further information on this and other Autochartist products visit www.autochartist.com



You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.