FxWirePro: EUR/USD forms bearish pattern, good to sell on rallies
Harmonic pattern Bearish AB=CD Pattern. Potential Reversal Zone (PRZ) -1.11300 (161.8% and 61.8% fibo). EURUSD shown a huge jump after breaking 1.10200 high formed after French Elections. The pair jumped till 1.11222 at …
Potential Reversal Zone (PRZ) -1.11300 (161.8% and 61.8% fibo).
EURUSD shown a huge jump after breaking 1.10200 high formed after French Elections. The pair jumped till 1.11222 at the time of writing. It is currently trading around 1.10908.
U.S new home construction has fallen in Apr for the third time in four months. U.S housing starts came at 1.172M compared to forecast of 1.26M.
On the higher side, major resistance is around 1.11300 (61.8% retracement of 1.16163 and 1.03400) and any break above targets 1.1180/1.1200.The pair should break above 1.1300 for further bullishness.
The near support is around 1.1050 (23.6% retracement of 1.05694 and 1.11221) and any break below targets 1.0991 (23.6% retracement of 1.05694 and 1.11222)/1.0950 .It should close below 1.0830 (200- MA).
It is good to sell on rallies around 1.11200 with SL around 1.1160 for the TP of 1.000/1.0950.
