Bullish Butterfly H4
The previous analysis considered invalid as it broke pass stop loss forming a larger pattern
Reasons to go Long:
1) On H4 the RSI had shown an oversold condition
2) On the H1 Chart, RSI had shown a divergence
3) A retest of the PRZ and an immediate reversal
4) On the Daily TF RSI is at the lower boundary - Price may retest resistance create an oversold condition
BuyZone: 1.14272 - 1.14006
SL: 1.13600
Tp1: 1.15370
Tp2: 1.16330
The previous analysis considered invalid as it broke pass stop loss forming a larger pattern
Reasons to go Long:
1) On H4 the RSI had shown an oversold condition
2) On the H1 Chart, RSI had shown a divergence
3) A retest of the PRZ and an immediate reversal
4) On the Daily TF RSI is at the lower boundary - Price may retest resistance create an oversold condition
BuyZone: 1.14272 - 1.14006
SL: 1.13600
Tp1: 1.15370
Tp2: 1.16330
Comment:
I am looking for a pull back to Tp1, ideally Tp2. Also watch the news closely if there are more demands for EUR
Comment:
By now this pattern has been invalidated. Fundamentals overrule the pattern.