By: Dima Chernovolov

EUR/USD continues to rise inside the 4-hour Up Channel chart pattern which recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), strong Uniformity (8 bars) and above-average Clarity (6 bars). EUR/USD is expected to rise further inside this Up Channel – in line with the earlier breakout of the key resistance level shown below.

02012018dailyfximage1

As can be seen from the daily EUR/USD chart below, the price earlier broke through the key resistance level 1.1960 (which stopped the previous sharp upward impulse in November). This price level is acting as support level after it was broken recently. The proximity of this support level increases the probability EUR/USD will continue to rise inside this Up Channel.

02012018dailyfximage2

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

 

For further information on this and other Autochartist products visit www.autochartist.com

2 Likes
557 Views

You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.

Sign-up






* = Required Field