EUR/USD Bullish Butterfly vs. Bearish Alt Crab Pattern
Bullish and Bearish Patterns EUR/USD
This pair continues it's course of indecision. Although price
has broken the lower and upper trend lines of the wedge
formation, (Red lines) neither breakout has yielded a clear
direction since.
Look for a retracement to the 1.2266 level which is the 61.8%
Fibo retracement from the last swing low to the recent swing high.
At this level price also re-test's the lower trend line as well
as testing Point B of the Bullish Butterfly pattern.
If price holds at this level and reverses to the upside, look
to enter a long position above 1.2266 for an aggressive
entry. I would not recommend targeting the second T/P
level immediately. Instead, go for target 1 first to see
if price can break the upper trend line.
Trade setup 1:
Entry: At or above 1.22657
S/L: 1.21207
T/P: 1.24457
Trade setup 2:
Entry: Close above 1.24457
S/L: 1.21207 or below 1.2260
T/P: 1.25558
Keep in mind the NFP data tomorrow and the
accompanying volatility it will bring with it.
Happy trading
This pair continues it's course of indecision. Although price
has broken the lower and upper trend lines of the wedge
formation, (Red lines) neither breakout has yielded a clear
direction since.
Look for a retracement to the 1.2266 level which is the 61.8%
Fibo retracement from the last swing low to the recent swing high.
At this level price also re-test's the lower trend line as well
as testing Point B of the Bullish Butterfly pattern.
If price holds at this level and reverses to the upside, look
to enter a long position above 1.2266 for an aggressive
entry. I would not recommend targeting the second T/P
level immediately. Instead, go for target 1 first to see
if price can break the upper trend line.
Trade setup 1:
Entry: At or above 1.22657
S/L: 1.21207
T/P: 1.24457
Trade setup 2:
Entry: Close above 1.24457
S/L: 1.21207 or below 1.2260
T/P: 1.25558
Keep in mind the NFP data tomorrow and the
accompanying volatility it will bring with it.
Happy trading