Daily Forex Update: EUR/USD

By: Dima Chernovolov

EUR/USD continues to fall inside the high-quality Down Channel chart pattern which was earlier identified by Autochartist on the hourly charts. Autochartist measures the Quality of this Down Channel at the near-maximum, 9 bar level – which is the result of the sharp Initial Trend (10 bars) and substantial Uniformity and Clarity (both rated at the 8 bar level). EUR/USD is expected to continue to fall inside this Down Channel.

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The maximum value of the Initial Trend reflects the sharpness of the previous daily upward impulse, which was recently stopped by the powerful resistance zone lying between the long-term resistance level 1.0800 (which has been steadily reversing EUR/USD from last December), upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from last November. The strength of this resistance area increases the likelihood EUR/USD will continue to fall inside this Down Channel.

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