EURCAD: Bearish butterfly completed on 60 min chart

6 Şub 2018

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!

6 Şub 2018

Not

Daily chart- Bearish Cypher

6 Şub 2018

Not

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

6 Şub 2018

Not

TP_1 hit. Price found support at 100 EMA.

14 Şub 2018

Not

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.

16 Şub 2018

Not