EUR/USD continues to fall after the recent completion of the high Quality Descending Triangle chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the near maximum 8 bar level as a result of the equally rated values of all the contributing Quality indicators - 8-bar Initial Trend, Uniformity and Clarity. This chart pattern develops in line with the prevailing downtrend that can be seen on the weekly EUR/USD charts. More specifically, this chart pattern continues the sharp preceding downward price impulse which started when the pair reversed down from the former longer-term upward correction support trendline (acting as resistance after having been broken recently) and the resistance at 1.4281 (as is shown on the second chart below). The pair is expected to decline further in the direction of the price Forecast Area set between price levels 1.3203 and 1.3310.
The following longer-term weekly EUR/USD chart demonstrates the technical price levels mentioned above:
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