Trade of the Day: EUR/USD

EUR/USD continues to rise inside the intraday Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 7-bar level – which is the result of the slow Initial Trend (2 bars), significant Uniformity (7 bars) and strong Clarity (9 bars). EUR/USD is expected to rise further inside this chart pattern.

As can be seen from the daily EUR/USD chart below – the pair earlier reversed once again from the major support level 1.0635 (former monthly low from May, which also reversed the pair earlier this month) intersecting with 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 inside this Rising Wedge.