By: Dima Chernovolov
EUR/USD recently broke the key support level 1.1792 which was previously identified by Autochartist on the daily charts. Autochartist rates the Significance of this support level at the 5-bar level – which is the result of the five previous price reversals from this price level. EUR/USD is expected to continue to fall toward the forecast price 1.1743.
As can be seen from the daily EUR/USD chart below – the price earlier broke the support area located between the key support level 1.1775 (which reversed the price earlier this month) and the 50% Fibonacci correction of the upward impulse from August. This price is acting as the resistance zone after it was broken. The proximity of this resistance area and clear daily downtrend increase the probability EUR/USD will continue to fall toward the forecast price 1.1743.