Trade of the Day: EUR/USD

By: Dima Chernovolov

EUR/USD recently broke the 15-minute key support level 1.2207 which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the 5-bar level – which is the result of the five previous price reversals from this price level. EUR/USD is expected to continue to fall toward the forecast price 1.2164.

As can be seen from the daily EUR/USD chart below – the pair earlier reversed down from the key resistance level 1.2240 (former multi-month high from February) intersecting with the upper Bollinger Band. The proximity of the resistance level increases the probability EUR/USD will continue to fall toward the forecast price 1.2164.