This is a late post. I missed out on the Bearish Butterfly
for the sell. However, there is a potential buy zone in the resistance area
notated above. If the Euro
loses ground too quickly too the US Dollar
and closes below this "buy zone," personally I would steer clear of trading the this currency pair until a new pattern arises. A bearish
candle closing in this "buy zone" area, I would be looking to buy. Entry between 1.10721 and 1.10018 (good "big number" level if anyone knows what that is) and a stop in the area of 1.0950. Looking at a fair risk vs reward ratio of 1:1.5 to 1:3, I would be looking to close this order between 1.1114 and 1.14380. Depending on where the buy order is placed and what your risk is, these values will vary. Just an idea.
Comments/ideas are welcome. Thank you.