Daily Forex Update: EUR/USD
AutoChartist | May 15, 2014 03:02AM ET
Autochartist recently identified the Pennant chart pattern on the 4-hour EUR/USD charts – as you can see from the following trade opportunity alert for this currency pair. EUR/USD is expected to break out of this Pennant and then to rise to the target level 1.3772 in the next 2 trading days. Autochartist set the stop-level for this forecast at 1.3685 (point A). This point formed earlier, when the Euro reversed up from the support zone lying between the support level 1.3700, the 38.2% Fibonacci Correction of the previous upward impulse from last November and support trendline of the daily up channel from last year (as you can see on the second chart below).
The following 4-hour EUR/USD chart shows the aforementioned support levels:
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