FxWirePro:EUR/USD forms Bearish Gartley Pattern, good to sell on rallies
Harmonic pattern- Bearish Gartley pattern Potential Reversal Zone (PRZ) – 1.06800 EURUSD has formed potential Bearish Gartley pattern with PRZ around 1.06800. Any slight bullishness can be seen only above 1.06800. Overal…
EURUSD has formed potential Bearish Gartley pattern with PRZ around 1.06800. Any slight bullishness can be seen only above 1.06800.
Overall trend is till weak due to policy divergence between US Fed and ECB. Fed is expected to rise interest rates in the coming months due to Trump tax rate cut which will fuel the U.S economy growth and force the Fed to increase interest rates more than expected.
The pair has jumped slightly above 1.0600 level after forming a bottom around 1.04938 on Feb 22nd 2017. It is currently trading around 1.05800.
On the higher side, 1.06800 will be acting major resistance and any break above will take the pair till 1.0740/1.0800. Short term bearish invalidation only above 1.08735.
It is good to sell on rallies around 1.0635 with SL around 1.06800 for the TP of 1.05200
