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.
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