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FxWirePro: EUR/USD forms Bullish Gartley pattern, good to buy on dips

  • Harmonic Pattern- Bullish Gartley pattern.
     
  • Potential Reversal Zone (PRZ) - 1.1705.
     
  • EURUSD is trading weak for the past five trading session on better than expected US economic data. The pair declined till 1.17802 and is currently trading around 1.17927.
     
  • US ADP employment came at 190K in Nov compared to forecast of 186K and manufacturing sector added 40000 jobs highest in 15 years.
     
  • Technically, near term support is around 1.1758 (50- day MA) and any break below will drag the pair down till 1.1705/1.1660.
     
  • The near term resistance is around 1.1810 (20- day MA) and any break above will take the pair to 1.1835 (cloud top)/1.1880/1.1925. The pair should break above 1.12090.

It is good to buy on dips around 1.17680 with SL around 1.1705 for the TP of 1.1885/1.1925

 

 

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