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EUR/USD recently broke the 15-minute key resistance level 1.0735, which was earlier identified by Autochartist. Autochartist rates the Significance of this resistance at the 5-bar level – which is the result of the 5 earlier reversals from this price level. EUR/USD is expected to rise toward the forecast price 1.0770 – in line with the earlier upward reversal from the support level shown below.
As can be seen from the daily EUR/USD chart below – the pair earlier reversed up from the combined support area located between the key support level 1.07000 (former double top from December), lower daily Bollinger Band and the 61.8% Fibonacci correction of the sharp upward impulse from last month. The proximity of this support area and the clear daily uptrend increase the probability EUR/USD will continue to rise toward the forecast price 1.0770.
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