Scanning for chart patterns in real time
Autochartist makes it easier to trade successfully with its tools that automatically identifies chart and Fibonacci patterns.The intraday downtrend on the EUR/USD has taken the pair through the 1.2700 “big figure,” and is now trying to establish resistance there. This ceiling will confirm the resistance of the Falling Wedge pattern on the 15-minute time frame; exhaustion at this level will trigger an Autochartist Retracement/Correction (ARC) short-sell. The expectation for exhaustion comes from the five-bar Autochartist Initial Trend reading, which indicates that the near-term market direction is range-bound.
The 25-candle pattern alert is quite a short-term look at the overall price action, but does reflect the slight stall below 1.2708 (A). If the bears can regain control of the market sentiment, prices could push lower through 1.2675 (B) and trigger a continuation short sell. Since the downtrend is the dominant market direction, expect a bias to the downside.
