Candlestick pattern – bearish engulfing
EUR/USD falls after hitting high of 1.10212 after French elections result on account of profit booking. The pair declined till 1.09025 at the time of writing. It is currently trading around 1.09124.
In the hourly chart, Euro broken 200- HMA and declined slightly below that level. It is also trading slightly below 1.0918 (Hourly Tenkan-Sen)/1.0950 (hourly Kijun- Sen).So a dip till 1.08500 is likely.
The near term major resistance is around 1.1000 and any break above will take the pair to next level till 1.1020/1.1060 level.
The 1.0837 (200- day MA) will be acting as short term trend reversal level, a break below targets 1.07850/1.0740 (61.8% retracement of 1.05694 and 1.10211).
It is good to sell on rallies around 1.0930-1.09325 with SL around 1.1000 for the TP of 1.0840/1.0750.
