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Daily Forex Update: EUR/USD

Published 09/20/2013, 03:35 AM
Updated 03/09/2019, 08:30 AM

As you can see form the following trade opportunity alert, EUR/USD recently broke above the resistance trendline of the daily Ascending Triangle chart pattern identified by Autochartist. The pair is expected to rise to the target level 1.3724 in the next 4 trading days. The stop-level for this forecast is set by Autochartist at 1.3104 (point A, the last connecting point of this Ascending Triangle). The breakout of this chart pattern coincided with the breakout of the strong resistance level 1.3420 (which previously reversed the pair sharply down in June and August of this year – thereby creating the two connecting points for the upper trendline of this Ascending Triangle). The upward sloping daily moving average confirms this forecast.
EUR/USD
The following daily EUR/USD chart shows the previous price action close to the former resistance level 1.3420:
EUR/USD

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