themarketzone
Short

Potential reversal following successful Butterfly pattern

FX:EURAUD   Euro Fx/Australian Dollar
Earlier this week I've traded with the Elite Zone a bullish Butterfly in $EURAUD (http://goo.gl/fdGXJf)
The position reached secondary target level today and now there's potential reversal zone based on structure and MAs.
1.57-1.58 is the resistance zone I'm referring to

With stop loss above 1.58 and above the daily Fast SMA , the first target level for this potential reversal will be the uptrend line (see green dashed line) that initiated this week's rally.
Below this trend line , in case of a breakdown, the next target would be 1.5
I took the same long, above the previous daily high, and got out.
AUD looks fairly strong, same as NZD.
EUR too, but I wouldn't mix strong with strong...
Cheers!
+1 Reply
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