Trade of the Day: EUR/USD

EUR/USD recently broke the hourly support level 1.0930, which was recently identified by Autochartist. This chart pattern indicates possible bearish price movement toward the target level 1.0859. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry 1.0920 with the protective stop-loss at 1.0934.

As can be seen from the daily EUR/USD chart below – the pair earlier reversed down from the key resistance level 1.1065 (former monthly high from August), after which it broke below the key support 1.1000 (which is acting as the resistance now, after it was broken). Given the proximity of the resistance level 1.1000, EUR/USD can be expected fall to the target level 1.0859.