Trade of the Day: EUR/USD
By: Dima Chernovolov
EUR/USD recently broke the 15-minute key support level 1.0210, which was recently identified by Autochartist. Autochartist rated the significance of this support level at the 5-bar level – which is the result of the earlier five reversals from this price level. EUR/USD is expected to fall toward the forecast price 1.0162.
As can be seen from the daily EUR/USD chart below – the pair earlier reversed down from the resistance area lying between the resistance level 1.0275, resistance trendline from June, upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from May. The proximity of this resistance area, overbought daily Stochastic and the clear daily downtrend increase the probability EUR/USD will continue to fall toward the forecast price 1.0162.