Daily Forex Update: EUR/USD

By: Dima Chernovolov

EUR/USD continues to rise after the earlier breakout the Key Resistance level 1.1300 which was recently identified by Autochartist on the daily charts. The length of this Resistance level is equal to 256 candles. Autochartist measures the Significance of this Resistance level at the 6-bar level – which reflects the six previous price reversals from this price level. EUR/USD is expected to rise to the Forecast price 1.1633 in the coming trading sessions.

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As can be seen from the chart below, Autochartist also recently identified the well-formed Up Channel chart pattern on the daily EUR/USD charts. Autochartist rates the Uniformity and Clarity of this chart pattern at the 5 bar level. The presence of the two daily chart patterns aligned in one direction heightens the probability EUR/USD will continue to rise in the nearest time.

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