Daily Forex Update: EUR/USD

By: Dima Chernovolov

EUR/USD continues to rise inside the clear 4-hour Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (one bar), strong Uniformity (7 bars) and high Clarity (9 bars). EUR/USD is expected to rise further inside this Rising Wedge – in line with the earlier breakout of the strong resistance levels shown below.

As can be seen from the daily EUR/USD chart below, the price earlier broke through the two resistance levels – 1.2100 (which reversed the price earlier this month) and 1.2300 (top of the previous daily Evening Star from last week). The price level 1.2300 is acting as support after it was broken. The proximity of this support level and the accelerating daily Momentum increase the probability EUR/USD will continue to rise inside this Rising Wedge.

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