Daily Forex Update: EUR/USD

By: Dima Chernovolov

EUR/USD recently broke the Triangle chart pattern which was previously identified by Autochartist on the hourly charts. Autochartist rates the overall Quality of this Triangle at the 6 bar level – which is the result of the slow Initial Trend (4 bars), and above-average Uniformity and Clarity (both rated at the 6 bar level). Autochartist rates the strength of this Triangle breakout at the maximum, 10–bar level – which adds to the probability EUR/USD will soon reach the forecast price 1.0504. 

23112016dailyfximage1

As can be seen from the daily EUR/USD below, the forecast price calculated for the breakout of this Triangle (1.0504) nearly coincides with the major, multi-month support level 1.0500 (which reversed the price sharply in March of 2015). Expect EUR/USD to correct up strongly after reaching this support level.

23112016dailyfximage2

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