KVE

EUR/NZD: BUTTERFLIES ON THEIR WAY TO BREAK RESISTANCE?

FX:EURNZD   Euro Fx/New Zealand Dollar
21 1 3
Min. and max. butterfly drawn on chart.

Entry at completion of the min. butterfly with SL above the max. butterfly completion.

Because completion of the butterfly will mean a break of that resistance zone , possible turning support then, we might see limited downside. Therefof I have my first target on top of that S/R zone, the 2 additional targets are at the conventional 38.2 and 61.8 retracements of CD.

I will take a conservative 50% at TP1, 30% at TP2 and 20% at TP3.
Sell orders are in place.

Be aware of the fact that there could be other patterns in play which will make this idea obsolete, I might post them later if I still have time...
Comment: Invalidated
CLOSED IDEA
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