By: Dima Chernovolov
EUR/USD recently broke the 60-minute key support level 1.2170 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 1.2129.
As can be seen from the daily EUR/USD chart below – the pair earlier reversed down with the daily Bearish Engulfing from the multi-month resistance level 1.2230 (former monthly high from February) intersecting with the upper daily Bollinger Band. The proximity of this resistance level adds to the probability EUR/USD will continue to fall toward forecast price 1.2129.