TradePeriod
Long

EURUSD Forming Bearish Butterfly - Aiming at 1.13

FX:EURUSD   Euro Fx/U.S. Dollar
52 1 4
Good afternoon traders! I hope everyone had an enjoyable weekend and is ready for some big market movement coming in the next few weeks.

We had early suspicion of EURUSD             forming a bearish butterfly on the daily chart and it seems that it is working its way to confirm this.

Current levels put EURUSD             at 1.0965-75, bouncing around without much drastic movement. We are keeping an eye at the major resistance level of 1.0980, as any major closes above this could be indicative of further BULL movement.

We would like to see confirmation of the BEARISH Butterfly by the pair going out of the wedge and breaking 1.10536 (76.4%).
TradePeriod
2 years ago
We forgot to mention that the 1.13277 potential high corresponds perfectly with the HIGHS from May and June
We have indicated this below in Yellow.

snapshot

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