Butterfly pattern formed within channel.
When D point of Butterfly was hit the pair dropped 350 pips.
Now broken down out of channel and retesting the break which coincides with retracement of 50% from point D.
Currently at resistance so if rejected here should see continuation of downtrend.
Finally there is a weekly bearish engulfing candle at point D which supports downtrend outlook.
When D point of Butterfly was hit the pair dropped 350 pips.
Now broken down out of channel and retesting the break which coincides with retracement of 50% from point D.
Currently at resistance so if rejected here should see continuation of downtrend.
Finally there is a weekly bearish engulfing candle at point D which supports downtrend outlook.
