USD/KRW is continuing the long-term daily trend within the Falling Wedge chart pattern identified by Autochartist. The Quality of this pattern is measured at the 5 bar level. The Clarity indicator shows the high 8 bar reading which reflects the smoothness of the downward price movement inside this chart pattern. The price has just reversed down from the upper resistance line of this chart pattern (which also coincided with the 23.6% Fibonacci Retracement of the preceding down impulse spanning almost all of the length of this Falling Wedge). The price is expected to fall further in the nearest time.

/

The 30-minute USD/KRW chart is also showing the Falling Wedge chart pattern. The upper resistance line of this chart pattern can be used for opening sell entries in accordance with the longer-term Falling Wedge chart pattern shown above.

/

Opening a sell entry at this level would require placing the stop-loss at up to three EPRs (Expected Price Range) above the upper resistance trend line. As you can see below, one EPR for the 30-minute USD/KRW chart is equal to 107 pips:

/

For further information on this and other Autochartist products visit www.autochartist.com