By: Dima Chernovolov
EUR/USD continues to rise inside the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 7-bar level – which is the result of the slow Initial Trend (1 bar) and substantial Uniformity and Clarity (8 bars). EUR/USD is expected to rise further inside this Rising Wedge.
As can be seen from the daily EUR/USD chart below – the price recently broke the resistance zone located between the resistance level 1.0630, the resistance trendline of the daily down channel from March and the 38.2% Fibonacci correction of the downward impulse from April . This price area is acting as the support zone after it was broken. The proximity of this support zone adds to the probability EUR/USD will continue to rise inside this Rising Wedge.