Trade of the Day: EUR/USD

By: Dima Chernovolov

EUR/USD recently broke the key support level 0.9804 which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the 4-bar level – which is the result of the four previous price reversals from this price level. EUR/USD is expected to continue to fall toward the forecast price 0.9745.

As can be seen from the daily EUR/USD chart below – the pair earlier broke the strong support level 0.9900 (which has been reversing the price from the middle of August). This price level is acting as the strong resistance after it was broken. The proximity of this resistance level adds to the probability EUR/USD will continue fall toward the forecast price 0.9745.