FxWirePro: EUR/USD forms Bearish Shark pattern, good to sell on rallies
Monday, March 6, 2017 6:50 AM UTC
- Harmonic Pattern formed- Bearish Shark pattern.
- Potential Reversal Zone (PRZ) - 1.06300
- EURUSD got a renewed buying interest at lower levels around 1.04960.the pair broken 1.06000 handle and jumped till 1.06235.It has closed around 1.06005.
- The pair’s further jump will happen only above 1.06800 level. Any break above 1.06800 will take the pair till 1.07200/1.07450 level.
- On the lower side, major support is around 1.04900 short term low formed at Feb 22nd 2017. Any break below confirms further bearish continuation and any break below targets 1.04500/1.03400. The minor support is around 1.05800/1.05200.
It is good to sell on rallies around 1.06050-1.0610 with SL around 1.0650 for the TP of 1.0520/1.04960