BULLISH BUTTERFLY FINISHING ON 1H EURAUD

31 May 2016

A nice Butterfly pattern is trying to get to the finish on 1H EURAUD. Price action is currently testing a support @ 1.53607. If the level gives there are 3 nice levels with previous structure lows to determine an ample Possible Reversal Zone. The possible XA extensions @ 1,27, 1.414 and 1.618 range from 1.52970 to 1.52125. What is interesting is that the support being currently tested is a nice target to test as a resistance once the pattern finishes. Watch the price action near the PRZ to make entry as well as the RSI to suggest oversold and long entry.

1 Haz 2016

Not

Price action has entered the PRZ. Awaiting for candle reversal at one of the 3 previous structure lows.

1 Haz 2016

Not

And there it is @ the 1.414 ext.