2017.05.2302:51:00UTC+00Fxwirepro: Eur/usd Forms Bearish Bat Pattern, Good to Sell on Rallies

• Harmonic pattern formed – Bearish Bat pattern
   
• Potential Reversal Zone (PRZ) - 1.13660
   
• EUR/USD is continuing its winning streak for the past two weeks and hits fresh six months high at 1.12635.  The pair has formed bearish Bat pattern in the daily chart with Potential reversal zone at 1.13660. Short term bullishness can be seen only above that level.
   
• On the lower side, minor near term support is around 1.116 (23.6% retracement of 1.08290 and 1.12635) and any break below will drag the pair till 1.10985 (23.6% retracement of 1.05674 and 1.12635)/1.1050.
   
• The near term resistance is around 1.1299 and any break above will take the pair till 1.13660/1.150 level.

It is good to sell on rallies around 1.1265-1.1270 with SL around 1.13660 for the TP 1.1160/1.1050.