Daily Forex Update: EUR/USD

By: Dima Chernovolov

EUR/USD continues to rise inside the Triangle chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist measures the Quality of this Triangle at the 3 bar level – which is the result of the the medium Initial Trend and Uniformity (both rated at the 5 bar level) and lower Clarity. EUR/USD is expected to rise toward the upper resistance trendline of this Triangle in the nearest time.

As can be seen from the daily EUR/USD chart below – both of the connecting points of the lower support trendline of this Triangle formed when the pair reversed up from the major, multi-year support level 1.0520 (which has been reversing the pair from the middle of 2015). The support zone near the support level 1.0520 was strengthened by the lower daily Bollinger Band. The proximity of this support area increases the probability EUR/USD will continue to rise inside this Triangle.

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