FxWirePro: EUR/USD Forms Bearish Gartley Pattern, Good to Sell on Rallies

FxWirePro: EUR/USD Forms Bearish Gartley Pattern, Good to Sell on Rallies

1 June 2016, 15:28
Roberto Jacobs
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FxWirePro: EUR/USD Forms Bearish Gartley Pattern, Good to Sell on Rallies

  • Harmonic pattern Formed- Bearish Gartley pattern         
  • Potential Reversal Zone (PRZ) -  1.12168 
  • EUR/USD has recovered from the low of 1.1140 made today morning till 1.11797 at the time of writing. It is trading around 1.11700. 
  • Euro’s resistance is around 1.11925 (78.6% retracement level of 1.12168 and 1.110980) and violation above 1.11925 will take the pair till 1.12168/1.12425. 
  • On the lower side minor support is around 1.1150 and break below targets 1.1100 (200 day MA)/1.1050.

It is good to sell on rallies around 1.1185-1.1190 with SL around 1.1220 for the TP of 1.1100/1.1050

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