FxWirePro: EUR/USD forms Shooting star in weekly chart, good to sell on rallies

• Candle stick Pattern- Shooting star (Weekly chart).
   
• EURUSD has recovered slightly after hitting low of 1.1720 yesterday. The pair formed a fresh 18 month high 1.19098 on Aug 2nd 2017. Any bullish continuation can be seen above 1.19098. It is currently trading around 1.17881 0.12% higher.
   
• U.S economy has added 209K jobs this month compared to forecast of 183K and unemployment rate was at 4.3% 16 –year low. The strong rise in U.S jobs together with decline in unemployment rate may increase the chance of rate hike by Fed.
   
• The pair near term resistance is around 1.18300 (support turned into resistance) any break above will take the pair till 1.1910. Any break above 1.1910 will take the pair till 1.1925/1.1975 (2015 yearly high).
   
• On the lower side, 1.17650 (55- M EMA) will be acting as near term support and any break below will drag the pair down till 1.1720/1.16500 .Minor weakness can be seen only below 1.1600.

It is good to sell on rallies around 1.1830 with SL around 1.1910 for the TP of 1.16500/1.1600.