FxWirePro:EUR/USD forms Bearish Gartley pattern, good to sell on rallies
Friday, February 24, 2017 9:38 AM UTC
- Harmonic pattern formed – Bearish Gartley pattern
- Potential Reversal Zone (PRZ) - 1.06330
- EUR/USD formed a minor bottom around 1.04938 on 22nd Feb 2017 and recovered sharply from that level . The pair breaks slightly above 1.06000 handle and started to decline after making the high of 1.06039 at the time of writing.
- Intraday trend is slightly weak as long as resistance 1.06800 holds. Any violation above 1.0680 will take the pair till 1.07200/1.0745/1.0800. Short term bearish invalidation only above 1.08735 levels.
- On the lower side, any break below the low made on Feb 22nd at 1.04938 will drag the pair down till 1.04550/1.03450.
It is good to sell on rallies around 1.05850-1.0590 with SL around 1.06340 for the TP of 1.05200/1.0455