EUR/USD recently broke the 15-minute key support level 1.0210, which was recently identified by Autochartist. Autochartist rated the significance of this support level at the 5-bar level – which is the result of the earlier five reversals from this price level. EUR/USD is expected to fall toward the forecast price 1.0162.
As can be seen from the daily EUR/USD chart below – the pair earlier reversed down from the resistance area lying between the resistance level 1.0275, resistance trendline from June, upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from May. The proximity of this resistance area, overbought daily Stochastic and the clear daily downtrend increase the probability EUR/USD will continue to fall toward the forecast price 1.0162.
Want to get full Autochartist Access including the Autochartist Market Scanner, email reports,Mobile App, and the full Autochartist Web App?
Subscribe here: ChartViper Subscriptions