Trade of the Day: EUR/USD

EUR/USD recently broke the key support level 1.0965, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 4-bar level – which is the result of the four previous reversals from this price level. EUR/USD is expected to fall toward the forecast price 1.0933.

As can be seen from the daily EUR/USD chart below – the pair earlier reversed down from the key resistance level 1.1050, intersecting with the resistance trendline from May and the 38.2% Fibonacci correction of the downward impulse from last month . The proximity of these resistance levels adds to the probability EUR/USD will continue to fall toward the forecast price 1.0933.