Trade of the Day: EUR/USD
EUR/USD rising inside the hourly Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), strong Uniformity (9 bars) and significant Clarity (7 bars). EUR/USD is expected to rise further inside this Up Channel.
As can be seen from the daily EUR/USD chart below – the pair earlier broke through the resistance zone located between the powerful resistance levels 1.0960 and 1.1030 (former multi-month high from February). This price zone is acting as the strong support zone after it was broken. The proximity of this support zone and the strong daily uptrend add to the probability EUR/USD will continue to rise inside this Up Channel.