EUR/USD Forms Diamond Pattern, Sell Below 1.13800 for Further Weakness

EUR/USD Forms Diamond Pattern, Sell Below 1.13800 for Further Weakness

12 April 2016, 12:34
Roberto Jacobs
0
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EUR/USD Forms Diamond Pattern, Sell Below 1.13800 for Further Weakness

  • Pattern Formed- Diamond pattern          
  • Major resistance -1.1450 
  • Major support - 1.1370 
  • The pair is trading in narrow range between 1.1370 and 1.14454 for the past two trading session. It is currently trading around 1.14227. 
  • On the higher side EUR/USD should break 1.1450 for further bullishness and break above targets 1.1500/1.1545 in short term. The minor resistance is around 1.14380. 
  • Minor weakness can be seen only if it breaks below 1.13800. Any break below 1.13800 will drag the pair to lower level till 1.1320/1.1280/1.1200.

It is good to sell below 1.13800 with SL around 1.14380 for the TP of 1.1280/1.1200.

The material has been provided by InstaForex Company - www.instaforex.com



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