Daily Forex Update: EUR/USD

By: Dima Chernovolov

EUR/USD continues to rise inside the daily Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity and Clarity (both rated at the 6 bar level). EUR/USD is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the support zone shown below.

As can be seen from the daily EUR/USD chart below, the price earlier reversed up from the support zone lying between the key support level 1.2200 (which has been reversing the price from the middle of January), lower daily Bollinger Band and 50% Fibonacci correction of the previous upward impulse from December. The proximity of this support area increases the probability EUR/USD will continue to rise inside this Rising Wedge.

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