Bearish Butterfly on UC
This bearish butterfly has just completed at around 1.3. Potential short. If we look at price action, there is a shooting star bar on the Daily chart, a doji followed by a bearish engulfing pattern on the 4h chart ! Talk about confluence !
The dollar still seems strong so a small retracement is possible before a bounce back to reach new highs ! Potential targets are : 1.28 which is the price at which the pattern started and a 23% fib. retracement of CD. Then if price continues to fall it could find support at around 1.255 or 50% retracement and support at the B point.
The dollar still seems strong so a small retracement is possible before a bounce back to reach new highs ! Potential targets are : 1.28 which is the price at which the pattern started and a 23% fib. retracement of CD. Then if price continues to fall it could find support at around 1.255 or 50% retracement and support at the B point.
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