Autochartist Forecast

Two alerts were communicated on the 60 minute EUR/USD.  These patterns offer excellent insight into the short term support and resistance on the pair.  One chart pattern is emerging which means that the formation has not been broken yet.  The other is a complete pattern which has broken and the Forecast region (A) is plotted.

The emerging chart pattern is a Continuation Descending Triangle.  It shows a double bottom support line (X) that has been the support for selling pressure intraday.  The complete chart pattern is a Continuation Triangle which shows support (C) near the double bottom.  The Continuation Triangle also has a double top (B).  The pattern has broken the uptrend support line (C) and is trading just below the 1.4900 major psychological level.