On Jan 26th EURUSD
reached the lowest point for now since it's decline from 1.39s that started way back in the summer. Last weak this pair cought a little breather but now seems on it's way to test that level again.
We have both a butterfly pattern
and a bat pattern
that complete in the same area. The Butterfly pattern
around 1.1600 and the Bat pattern
around 1.1132 right at previous low close.
If this level holds, I'm looking for a 0.382 and 0.618 retracement
. Stops go below the previous low, 55 pips away, for a potential profit of 110 for target 1 and 178 pips for target 2