EUR/USD forms Bullish Gartley Pattern, good to buy on dips

FX:EURUSD   Euro / U.S. Dollar
256 0 14
Pattern Formed – Bullish Gartley pattern.

Potential reversal Zone (PRZ) - 1.11570.

The pair has retreated sharply after making a high of 1.12270 yesterday. It is currently trading around 1.11740.

The pair breaks below 100- day MA at 1.11830 and declined slightly till 1.11680 at the time of writing. Any break below 1.1150 confirms further bearishness.

The pair is facing strong resistance around 1.1280 ( trend line joining 1.16163 and 1.13660)and any slight bullishness can be seen only above that level.

The minor resistance is around 1.1210 (21- day MA)/1.1250.

Short term weakness below 1.1120 level.

On the lower side, major support is around 1.1150 (200- day MA) and any break below targets 1.1120/1.1045.

It is good to buy on dips around 1.1160 with SL around 1.1120 for the TP of 1.1245/1.1275.
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