Autochartist Forecast
U.S. Dollar Makes Intraday Double Bottom
After Wednesday's midday U.S. Dollar sell-off there were many traders asking themselves if the 80.00 level would hold or not. For a price level to hold, it must be able to attract buyers for support. Meanwhile, as the U.S. Dollar weakened, this allowed the EUR/USD to rally.
The double top (as a reaction to the U.S. Dollar's double bottom) came just shy of 1.4000. The pattern breakout was a classic triangle play as prices rallied through the resistance of the downtrend (green) line while the EUR/USD consolidated, moving sideways.
The Forecast Region is showing where the area of resistance will be for the short term intraday timeframes -- between 1.3950 and 1.4000. New alerts are also showing another sideways consolidation.
This pattern has a low Initial Trend confirming a low trending environment. This is exactly when a Continuation Triangle alert such as this is most effective. The pattern quality is high with excellent Uniformity and Clarity readings.
The breakout levels are currently showing as 1.3944 to the upside and 1.3920 to the downside. Remember that once the pattern breaks and becomes a Complete Pattern, the Forecast Region will be plotted.
The double top (as a reaction to the U.S. Dollar's double bottom) came just shy of 1.4000. The pattern breakout was a classic triangle play as prices rallied through the resistance of the downtrend (green) line while the EUR/USD consolidated, moving sideways.
The Forecast Region is showing where the area of resistance will be for the short term intraday timeframes -- between 1.3950 and 1.4000. New alerts are also showing another sideways consolidation.
This pattern has a low Initial Trend confirming a low trending environment. This is exactly when a Continuation Triangle alert such as this is most effective. The pattern quality is high with excellent Uniformity and Clarity readings.
The breakout levels are currently showing as 1.3944 to the upside and 1.3920 to the downside. Remember that once the pattern breaks and becomes a Complete Pattern, the Forecast Region will be plotted.
18 June | 
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