benm536

Butterfly pattern, Divergance, brake of RSI BB

Long
FX_IDC:EURGBP   Euro / British Pound
On this chart which is a bit of a mess i identified a butterfly pattern and with then Fib levels that are circled, there was support at this level on the red support box that goes backwards to sit in additional price that has respected this level there is also bullish divergence on the RSI indicator signaling that this market is about the reverse to the upside, and also them circles on the RSI where the indicator has broke outside of the Bollenger bands also is a good indicator to use to upside reversal price has clearly reacted this area and i expect a short up side movement, the 4h chart does state this market is in a downtrend and to this would be a counter trend trade, there are some traders that profit this way on counter trend movements. we will see if this plays out to the upside short term