Autochartist Forecast

The daily EUR/USD chart is in a markup cycle: intraday time frames are all pulling back.  This as the equities weakness strengthens the U.S.Dollar, which in turn sends the EUR/USD pair lower.  Long term traders could wait for the channel up chart pattern to trade down to the uptrend support line just above the 1.4700 level (which was hit yesterday).  Patient traders on the other hand will wait for an intraday reversal, like the one setting up on the 15 minute chart.

The Continuation Channel Down pattern on the 15 minute chart shows a weak Initial Trend reading (IT).  This is an indication that the current trend (C) is losing downward momentum.  Due to this a trend stall and/or reversal through the resistance (R) of the chart pattern may occur. The trigger for this would come in just below the 1.4720 minor psychological level.

An aggressive stop-loss indicator could be placed just below the 1.4680 minor psychological level, which is also today's low.

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