Potential Butterfly Pattern
Price has come up and tested the Monthly Pivot Point
from below, as well as the Yearly S2. Weekly pivot point
has held support this far after the break and price is now
inside the Kumo Cloud after testing above.
The pivot confluence is strong resistance and since
a Butterfly Buy is possible from here, with lower highs
and lower lows, chances are we will see the resistance
hold and price may continue down to complete the pattern.
Below previous low at 1,0460 and the completion of the
pattern at 1,03 exactly, stands the Monthly S1 at 1,0383.
A weekly close above the high and Yearly S2 mmaybe
lead to a test of the trendline and previous high putting
the pattern into question. The pattern will be erased
once the C-level is taken out at 1,1036.
from below, as well as the Yearly S2. Weekly pivot point
has held support this far after the break and price is now
inside the Kumo Cloud after testing above.
The pivot confluence is strong resistance and since
a Butterfly Buy is possible from here, with lower highs
and lower lows, chances are we will see the resistance
hold and price may continue down to complete the pattern.
Below previous low at 1,0460 and the completion of the
pattern at 1,03 exactly, stands the Monthly S1 at 1,0383.
A weekly close above the high and Yearly S2 mmaybe
lead to a test of the trendline and previous high putting
the pattern into question. The pattern will be erased
once the C-level is taken out at 1,1036.
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