EURUSD Long on 4H/ 1H
EXY is Bullish whereas DXY is bearish. Therefore Long on EURUSD was selected. Chart analysis is as under:
EURUSD is printing HHs and HLs on 4H/ 1H timeframes. Upon closer inspection, on 4H timeframe, it has also printed a bearish Butterfly pattern with PRZ (marked grey box) ~ 1.10680 area. On 1H timeframe, the price move in being observed in an upward channel. Therefore upon drawing confluence of trendlines, fib retracement pocket between 61.8% and 78.6%, Support area, Bearish DIvergence on RSI on 1H timeframe and PRZ of Butterfly pattern, a long entry has been planned at 1.08771 with 1:1 RRR. SL and TP are marked on chart.
EURUSD is printing HHs and HLs on 4H/ 1H timeframes. Upon closer inspection, on 4H timeframe, it has also printed a bearish Butterfly pattern with PRZ (marked grey box) ~ 1.10680 area. On 1H timeframe, the price move in being observed in an upward channel. Therefore upon drawing confluence of trendlines, fib retracement pocket between 61.8% and 78.6%, Support area, Bearish DIvergence on RSI on 1H timeframe and PRZ of Butterfly pattern, a long entry has been planned at 1.08771 with 1:1 RRR. SL and TP are marked on chart.
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