Trade of the Day: EUR/USD

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ChartViper Trade of the Day

EUR/USD recently broke the 30-minute key resistance level 1.0753, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 6-bar level – which is the result of the six previous reversals from this price level. EUR/USD is expected to rise toward the forecast price 1.0800.

As can be seen from the daily EUR/USD chart below – the pair earlier reversed up from the support area located between the key support level 1.0700 (former double top from December), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from January. The proximity of this support area, strong daily uptrend increase the probability EUR/USD will continue to rise toward the forecast price 1.0800.

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