FxWirePro:EUR/USD Trade idea

• Pattern Formed – Descending Triangle
   
• Potential Reversal Zone (PRZ) - 1.06600 (trend line joining 1.1299 and 1.08288).
   
• EURUSD is trading between 1.06400 and 1.04948 for the past five trading session. The pair has broken the descending triangle support of 1.05580 and decline till 1.05476. It is currently trading around 1.05523.
   
• Intraday bias is still bearish as long as resistance 1.05800 holds. Any break above 1.05800 will take the pair till 1.06400/1.0660 level.
   
• On the lower side, major support is around 1.04900 short term low formed at Feb 22nd 2017. Any break below confirms further bearish continuation and any break below targets 1.04500/1.03400. The minor support is around 1.05200.
  
  It is good to sell on rallies around 1.0560-0565 with SL around 1.0605 for the TP of 1.04960/1.04530

 

Resistance                                                                                

R1- 1.05800                       

R2 -1.06300

R3- 1.06800

Support                   

S1-1.05200             

S2-1.0490

S3- 1.04500