EUR/USD recently broke the 30-minute Ascending Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 6-bar level – which is the result of the slow Initial Trend (3 bars), lower Uniformity (2 bars) and significant Clarity (7 bars). EUR/USD is expected to rise toward the forecast price 1.0766.
As can be seen from the daily EUR/USD chart below – the pair earlier reversed up from the support area located between the strong support level 1.0685 (which reversed the pair multiple times in July), and the lower daily Bollinger Band. The proximity of this support area and the oversold daily Stochastic increase the probability EUR/USD will continue to rise toward the forecast price 1.0766.