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FxWirePro: EUR/USD forms Bullish Shark Pattern, good to sell on rallies

 

  • Harmonic Pattern - Bullish Shark Pattern
     
  • In weekly chart the pair has closed below 1.06186 (88.6 % retracement of 1.04695 and 1.1751) at 1.05893 level.
     
  •  This confirms major weakness a decline till 1.03500 (1.13% of 1.04685 and 1.1750) is possible  
     
  •  On the lower side short term  support is around 1.05600 and break below targets 1.0500/1.04600.
     
  • The pair's major support is around 1.0460 (Mar 2015 low) and below that will drag the pair till 1.0400/1.03500 level.
     
  • EUR/USD is facing strong minor resistance is around 1.0660 and break above targets 1.0720/1.0770/1.0830.
     
  • Overall bearish invalidation only above 1.0830.

It is good to sell on rallies around 1.0630-35 with SL around 1.0725 for the TP of 1.0500/1.04600/1.0350

 

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