Trade of the Day: EUR/USD

EUR/USD recently broke the daily Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 6-bar level – which is the result of the slow Initial Trend (1 bar), strong Uniformity (9 bars) and medium Clarity (5 bars). EUR/USD is expected to rise further toward the forecast price 1.1136.

As can be seen from the daily EUR/USD chart below – the pair earlier broke the strong multi-month resistance level 1.1065 (which reversed the pair 3 times in April and May as can be seen below). This price level is acting as the strong support now after it was broken. The proximity of this support level adds to the probability EUR/USD will continues to rise toward the forecast price 1.1136.