Daily Forex Update: EUR/USD
By: Dima Chernovolov
EUR/USD continues to fall inside the uniform 30-minute Down Channel chart pattern which was previously identified by Autochartist. Autochartist measures the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar), strong Uniformity (8 bars) and above-average Clarity (6 bars). EUR/USD is expected to fall further inside this Down Channel – in line with the earlier breakout of the support area shown below.
As can be seen from the daily EUR/USD chart below, price recently broke the support area located between the key round support level 1.2000 and the support trendline of the daily down channel from February. The breakout of this support area strengthened the bearish pressure on this pair – leading to the subsequent breakout of the support level 1.9000. The strength of the active daily impulse wave increases the probability EUR/USD will continue to fall inside this Down Channel.
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