slindstr
Short

EURCAD Bearish Butterfly on the Daily Chart

FX:EURCAD   Euro / Canadian Dollar
Looks like we might have a Bearish Butterfly for EURCAD on the Daily Chart:

- If we have time symmetry between the XA and CD legs we'll have two right triangles
- RSI (14, 20, 80) shows we'll be overbought at pattern completion
- B is only slightly above the 0.618 Fibonacci retracement

Watch out for pattern invalidation if D exceeds the 1.27 retracement (1.618 is still a valid reversal point but I think we'll lose time symmetry by then).

If your account's not very big (like mine!) look for good entry / exit on smaller timeframes knowing that the short term trend is bearish .

Sell @ 1.4664
BUY @ 1.4729 (SL)
BUY @ 1.4429 (TP)
---------------------------------
Risk: 65 Pips
Reward: 235 Pips

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