By: Dima Chernovolov
EUR/USD recently broke the 30-minute Triangle chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of Triangle at the 3-bar level – which is the result of the below-average Initial Trend (4 bar), lower Uniformity (3 bars) and minimum Clarity (2 bars). EUR/USD just reached the forecast price 1.2120 and is expected to rise further toward the upper boundary of the forecast area.
As can be seen from the daily EUR/USD chart below, the price earlier reversed up from the support area lying between the key support level 1.2065 (which has been reversing the price from the start of December), lower daily Bollinger Bad and the 38.2% Fibonacci correction of the upward impulse from November. The proximity of this support area increases the probability EUR/USD will continue to rise in the nearest time.