EUR/USD continues to decline within the well-formed Descending Triangle chart pattern identified by Autochartist on the daily EUR/USD charts. Autochartist rates the overall Quality of this chart pattern at the 6 bar level as a consequence of the low Initial Trend (measured at the 3 bar level) and significant Uniformity and Clarity (both measured at the 7 bar level). Higher Uniformity and Clarity of this chart pattern increase the visibility of this chart pattern to the market participants. This chart pattern develops in accordance with the longer-term downtrend that can be seen on the weekly EUR/USD charts. The pair is expected to fall further in the direction of the lower support trendline of this Descending Triangle in the nearest time.
As can be seen from the following PowerStats chart, most of the daily Expected Price Range (the measure of price volatility calculated separately for each time frame chart, from 1.3513 to 1.3271) lies below the projected value of the upper resistance trendline of this Descending Triangle, which increases the probability that EUR/USD will fall further tomorrow.
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