Daily Forex Update: EUR/USD

EUR/USD today completed the Uniform Falling Wedge chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the 6 bar level a result of the below average Initial Trend (4 bars), substantial Uniformity (8 bars) and average Clarity (5 bars). The bottom of this chart pattern (point E on the chart below) formed when the pair reversed up from the strong support area (which had earlier reversed the Euro sharply up in the middle of 2010) made out of the round price level 1.2000 as well as the 50% Fibonacci Retracement of the previous multi-year uptrend from the October of 2000 to the July of the 2008 (as is shown on the second chart below). The pair is expected to rise further to the Forecast Price 1.2382.

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The following monthly EUR/USD chart shows the technical price levels mentioned above:

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