Trade of the Day: EUR/USD

EUR/USD recently broke the 30-minute Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 4-bar level – which is the result of the slow Initial Trend (3 bars), below-average Uniformity (4 bars). EUR/USD is expected rise toward the forecast price 1.0690.

As can be seen from the daily EUR/USD chart below – the pair earlier reversed up from the support area located between the pivotal support level 1.0640 (former multi-month low from May), and the lower daily Bollinger Band. The proximity of this support area and the oversold daily Stochastic adds to the probability EUR/USD will continue to rise toward the forecast price 1.0690.