EURCAD: Bearish butterfly completed on 60 min chart

2018년 2월 6일

Bearish butterfly completed on 60 min chart. Anyway exist the possibility for an extended wave up to 1.5610 price zone. This price level fits with the completion of a bearish Cypher pattern on daily chart. For this trade setup i am anticipating the wave to develop in 3 scenarios and minimum target the resistance trend line if price breaks to downside. We have also a 60 min bearish pinbar formed on the top of the wave.

Good Luck!

2018년 2월 6일

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Daily chart- Bearish Cypher

2018년 2월 6일

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Price is moving to downside and is near the first resistance zone.

2018년 2월 6일

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TP_1 hit. Price found support at 100 EMA.

2018년 2월 14일

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After the previous move to downside price found resistance at 200 EMA and 50% fib.ret on 60 min chart. Price now completed the daily Cypher pattern. It tested a strong resistance zone at 1.5600 with divergences on 60 min. If we are now in a small 60 min first wave we can see a strong move to downside.

2018년 2월 16일

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