Fxprotrader
Long

EURAUD@ Bullish Butterfly Completion At Key Support Level

FX:EURAUD   Euro Fx/Australian Dollar
Price in EURAUD             is moving in a corrective structure since end of August. It's now testing a key support level (long term support trendline , bottom channel trenline), where we can see a bullish butterfly pattern having formed. In addition looking to the RSI it's clear that we have a bullish divergence , something that adds to our decision to go long. Overall trend is an uptrend.

I suggest entering with two positions. If price reaches the first target we should move stoploss of the second to breakeven.

Long term support trendline:
snapshot


Like and comment,
John.
Trade closed: stop reached
Little present John from a channel trader with same idea. Right shoulder retrace is at 0.618 fib this is just a perfect rare long entry!
snapshot
+1 Reply
Almost looks like a terminal pattern concluding that C wave.
Reply
Nice! its working perfectly. I wanted to add we have the 0.61 fib retracement on D1 chart. Regards.
Reply
Fxprotrader FullTimeTrader
Yes that's right. Thank you for your comment.!
Reply
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