Short

Bearish Butterfly Pattern at 2.0287: Potential Pullback

The pair is currently forming a bearish butterfly pattern at the 2.0287 level, aligning with the 127% Fibonacci extension. This setup indicates a potential pullback toward the Fibonacci retracement levels, projected below 1.9850. This scenario implies a retest of the weekly fractal resistance, broken at 1.9884.

Bearish butterfly pattern forming at the 2.0287 level.
Suggests a potential pullback;
Pullback target: Fibonacci retracement levels below 1.9850.
Potential retest of weekly fractal resistance at 1.9884.
Signs of bearish divergence emerging on the RSI.

Note: Ensure proper risk adjustments and capital protection by setting stop-loss orders and managing position sizes accordingly to mitigate potential downside risk.

Andre_Cardoso

I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.

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