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EUR/USD forms hammer pattern, good to buy on dips : FxWirePro | December 11, 2017

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Candlestick Pattern – Hammer

EURUSD 0.17% hits 2 week low at 1.17301 on Friday after better than expected US jobs data. The pair recovered almost 40 pips from the day’s low. It has jumped till 1.17864 at the time of writing and is currently trading around 1.17838.

The US economy has added 228k new jobs in Nov compared to forecast of 198k and unemployment rate was unchanged at 4.1%. The average hourly earnings rose 0.2% last month compared to 0.1% decline in Sep. Markets US fed monetary policy on Wed for further direction.

Technically, the pair has closed slightly above 50- day MA on Friday. The pair is facing near term resistance at 1.1814 (20- day MA) and any break above will take the pair till 1.18765 ( 61.8% retracement )/1.1900/1.19612 (Nov 27th 2017 high).

It is good to buy on dips around 1.1775-1.1780 with SL around 1.1728 for the TP of 1.1880/1.1900.

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