Trade of the Day: EUR/USD

By: Dima Chernovolov

EUR/USD continues to rise inside the 30-minute Rising Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (3 bars), above-average Uniformity (6 bars) and strong Uniformity (9 bars). EUR/USD is expected to rise further inside this Rising Wedge.

As can be seen from the daily EUR/USD chart below – the pair earlier reversed up from the support zone lying between the key support level 1.1120 and the lower weekly Bollinger Band. The proximity of this support zone and the clear bullish divergence one the weekly Stochastic indicator increase the probability EUR/USD will continue to rise inside this Rising Wedge.