FxWirePro: EURUSD forms Bearish pattern, good to sell on rallies
Harmonic Pattern – Bearish AB=CD. EUR/USD formed major top around 1.16840 and showing a minor decline from that level. The pair declined till 1.16261 yesterday and shown a minor jump. It is currently trading around 1.165…
EUR/USD formed major top around 1.16840 and showing a minor decline from that level. The pair declined till 1.16261 yesterday and shown a minor jump. It is currently trading around 1.16519.
The pair has formed Bearish AB= CD pattern in the hourly chart and potential reversal Zone is around 1.16840. Any break above will take the pair till 1.1740 (Aug 2015 high) /1.1745/1.18000.
On the lower side, minor support is around 1.1606 (10—H MA) and any break below will drag the pair down till 1.1538 (200- H MA)/1.1480.
It is good to sell on rallies around 1.16525-1.16550 with SL around 1.17140 for the TP of 1.15300/1.1480.
