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FxWirePro: EUR/USD forms Bullish Cypher Pattern, good to sell on rallies

  • Harmonic Pattern- Bullish Cypher Pattern
     
  • Potential reversal Zone (PRZ) -1.10500
     
  • The bullish cypher pattern becomes invalid only if it breaks above 1.10450.
     
  • The pair has made a high of 1.10305 and declined from that level. Overall trend is still weak as long as resistance 1.10450 holds. Any break above 1.10450 will take the pair till 1.1070/1.1090 level.
     
  • The market awaits highly anticipated FOMC meeting on Dec 16th. Fed is expected to hike interest rates by 25bpbs to 0.50%.
     
  •  On the lower side major support is around 1.0900 and break below will drag the pair further down till 1.0830/1.07850 level.

It is good to sell on rallies around 1.09850-1.0990 with SL around 1.1050 for the TP of 1.0900/1.0830.

  • Market Data
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