Possible butterfly pattern forming - moving to D

18 kwi 2016Based on fibonacci extensions, price looks to be forming a harmonic pattern of the butterfly type. All the checklist has been passed up to the point C. The price now seems to be moving up to D. If this pattern unwinds, it will be a barish XABCD and entry should be placed at D targeting the 38.2% - 61.8% retracement from the low at A: ~ 1.42022. Which also happens to be a trendline resistance to be possibly turning support.

20 kwi 2016

Komentarz

Currently testing support of 1.435 which was point B. Still hopeful it will continue towards D. The dollar seems to be set on continuing its decline for the very short term at least