FxWirePro: EURUSD forms Potential Shark Pattern, good to sell on rallies

• Harmonic pattern formed – Bearish Shark pattern
   
• Potential Reversal Zone (PRZ) - $1.1875.
   
• EUR/USD has jumped sharply after FOMC minutes meeting. The pair jumped till 1.18380 after Fed minutes showed concerns over weak inflation .The rate hike in Dec is confirmed but there are growing doubts over three more hikes in 2018. US dollar index broken major support at 93.40 (50- day MA) and dipped till 93.16 at the time of writing.
   
• The pair has formed potential Bearish Shark Pattern and any major bullishness can be seen only above $1.1875. Any break above will take the gold to next level till 1.1900/1.1928 (50% retracement)/1.2000. It should break above 1.2090 for overall bullishness.
   
• On the lower side, near term support is around is around 1.1800 and any violation below will drag the commodity to next level till 1.1755 (100-day MA)/1.1700. Short term weakness can be seen only below $1.1700.

It is good to sell on rallies around $1.1855-1.1860 with SL around 1.1900 for the TP of $1.1755/1.1700.