EUR/USD forms shooting star, major weakness below 1.23600

FX:EURUSD   Euro / U.S. Dollar
Candle stick pattern- Shooting star

The pair has jumped sharply till 1.25375 after ECB press conference and started to decline sharply from that level. The pair formed a minor bottom around 1.2360 and is consolidating around that level. It is currently trading around 1.23931.

It should close above 1.2500 for further bullishness. Any close above 1.2500 will take the pair to next level till 1.2540/1.2600 level. The minor resistance is around 1.2450.

The near term major support is around 1.2360 (5- day MA) and any break below confirms minor weakness and a dip till 1.2295 (10- day MA)/1.2200.

It is good to sell below 1.2360 with SL around 1.2430 for the TP of 1.2240/1.2200
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