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.
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| 4 hour Evening Star pattern |
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| 1 hour triangle breakout |
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| 5 min butterfly sell pattern |
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