FxWirePro: EUR/USD forms Bullish Gartley pattern, good to buy on dips
Harmonic Pattern- Bullish Gartley pattern. Potential Reversal Zone (PRZ) - 1.1705. EURUSD is trading weak for the past five trading session on better than expected US economic data. The pair declined till 1.17802 and is …
EURUSD is trading weak for the past five trading session on better than expected US economic data. The pair declined till 1.17802 and is currently trading around 1.17927.
US ADP employment came at 190K in Nov compared to forecast of 186K and manufacturing sector added 40000 jobs highest in 15 years.
Technically, near term support is around 1.1758 (50- day MA) and any break below will drag the pair down till 1.1705/1.1660.
The near term resistance is around 1.1810 (20- day MA) and any break above will take the pair to 1.1835 (cloud top)/1.1880/1.1925. The pair should break above 1.12090.
It is good to buy on dips around 1.17680 with SL around 1.1705 for the TP of 1.1885/1.1925
