By: Dima Chernovolov
EUR/USD continues to rise inside the hourly Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slower Initial Trend (4 bars), significant Uniformity (7 bars) and average Clarity (5 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 area located at the intersection of the key support level 0.9950 (previous monthly low from June) and the lower daily Bollinger Band. The proximity of this support area increases the probability EUR/USD will continue to rise further inside this Rising Wedge.