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 6-bar level – which is the result of the medium Initial Trend (5 bars) , higher Uniformity (6 bars) and substantial 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 pair earlier broke above the resistance area located between the pivotal resistance level 0.9980 (which stopped the earlier sharp upward correction in October) and the 50% Fibonacci correction of the downward impulse from August. This price area is acting as the support zone after it was broken. The proximity of this support area adds to the probability EUR/USD will continue to rise inside this Rising Wedge.