• FxWirePro: EUR/USD forms shooting star chart pattern, good to sell on rallies

    Source: FxWire Pro - Technicals / 03 Jan 2018 04:00:32   Eastern Standard Time

    • Candle stick pattern- Shooting Star
       
    • EUR/USD hits high 1.20813 yesterday which his almost near to 2017 high of 1.20920. The pair has shown a minor sell-off till 1.20265 from that high. The market awaits major releases US ISM and Fed minutes meeting today for further direction.
       
    • The pair jumped yesterday on account of better than expected Eurozone PMI data. Technically, near term is around 1.1999 (20- 4H MA) and any break below will drag the pair down till 1.1970 (4H Kijun-Sen)/1.1930 (55- 4H EMA).Minor weakness can be seen only below 1.1800.
       
    • On the higher side, near term resistance is around 1.20920 and any break below will take the pair till 1.2112 (161.8% fib)/1.21850/1.2297 (138.2% fib).             

    It is good to sell on rallies around 1.2045-50 with SL around 1.2095 for the TP of 1.1970/1.1945.