Short

EURCAD: Bearish butterfly completed on 60 min chart

Updated

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!

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Daily chart- Bearish Cypher

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

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TP_1 hit. Price found support at 100 EMA.

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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.

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KlejdiCuni

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