Trading the Butterfly pattern
A Butterfly chart pattern was in today's Forex trading session in the EUR/USD on the 5 min chart (last chart).
The Euro found resistance at the 127 % butterfly sell target (5 min chart) and from there the EUR/USD went straight to the 161 % butterfly pattern target. The consolidation price zone of the triangle pattern (hourly chart) and the hourly 200 SMA also gave some support at the 161 % butterfly pattern target at around 1.2940.
On the 4-hour chart we see an Evening Star pattern.
|4 hour Evening Star pattern|
|1 hour triangle breakout|
|5 min butterfly sell pattern|