Potential reversal following successful Butterfly pattern
Earlier this week I've traded with the Elite Zone a bullish Butterfly in $EURAUD (goo.gl/fdGXJf)
The position reached secondary target level today and now there's potential reversal zone based on structure and MAs.
1.57-1.58 is the resistance zone I'm referring to
With stop loss above 1.58 and above the daily Fast SMA, the first target level for this potential reversal will be the uptrend line (see green dashed line) that initiated this week's rally.
Below this trend line, in case of a breakdown, the next target would be 1.5
The position reached secondary target level today and now there's potential reversal zone based on structure and MAs.
1.57-1.58 is the resistance zone I'm referring to
With stop loss above 1.58 and above the daily Fast SMA, the first target level for this potential reversal will be the uptrend line (see green dashed line) that initiated this week's rally.
Below this trend line, in case of a breakdown, the next target would be 1.5