EUR/USD has recently completed the Clear Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 5 bar level as a result of the low Initial Trend (rated at the 3 bar level), above-average Uniformity (6 bars) and near maximum Clarity (rated at the 8 bar level). This chart pattern continues the prevailing downtrend visible on the daily EUR/USD charts. Both of the connecting points of the upper resistance trendline of this chart pattern (points A and B on the chart below) formed when the pair reversed down from the resistance area lying at the intersection of the previous strong support and now resistance level 1.3200 and the 38,2% Fibonacci Retracement of the preceding sharp daily downward price impulse (as is shown on the second chart below). The pair is expected to fall further toward the Forecast Area located between price levels 1.2860 and 1.2972.
The following daily EUR/USD chart highlights the aforementioned technical price levels:
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