FxWirePro: EURUSD forms Bearish pattern, good to sell on rallies
Pattern Formed – Bearish AB=CD pattern Potential Reversal Zone (PRZ) 1.07850 EURUSD continuing its bullish trend after FOMC meeting . The pair has jumped above 1.0700 and reached till 1.07824 at the time of writing. On t…
EURUSD continuing its bullish trend after FOMC meeting . The pair has jumped above 1.0700 and reached till 1.07824 at the time of writing.
On the lower side, near term minor support is around 1.07500 and any break below will drag the pair down till 1.0703 (21- 4H EMA)/1.06700 (61.8% retracement of 1.05998 and 1.07825)/1.06000 (61.8% retracement of 1.04948 and 1.07825).
The nearby resistance is around 1.07850 and any break above targets 1.08288 (Feb 2nd 1027 high)/1.08735. It should break above 1.08735 for bullish continuation.
It is good to sell on rallies around 1.07800-1.07825 with SL around 1.08230 for the TP of 1.06725
