By: Dima Chernovolov
EUR/USD recently broke the hourly Triangle chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 7-bar level – which is the result of the slow Initial Trend (1 bar), strong Uniformity (8 bars) and significant clarity (7 bars). EUR/USD is expected to rise toward the forecast price 1,1770.
As can be seen from the daily EUR/USD chart below – the pair earlier reversed up from the major support area located between the long-term support level 1.1710 (which stopped the downtrend in March) and the lower daily Bollinger Band. The proximity of this support area adds to the probability EUR/USD will continue rise toward the forecast price 1,1770.