KlejdiCuni
Short

EURCAD: Bearish butterfly completed on 60 min chart

FX:EURCAD   Euro / Kanadischer Dollar
Bearish butterfly completed on 60 min chart. Anyway exist the possibility for an extended wave up to 1.5610 price zone. This price level fits with the completion of a bearish Cypher pattern on daily chart . For this trade setup i am anticipating the wave to develop in 3 scenarios and minimum target the resistance trend line if price breaks to downside. We have also a 60 min bearish pinbar formed on the top of the wave.

Good Luck!
Kommentar: Daily chart- Bearish Cypher
Kommentar: Price is moving to downside and is near the first resistance zone.
Kommentar: TP_1 hit. Price found support at 100 EMA.
Kommentar: After the previous move to downside price found resistance at 200 EMA and 50% fib.ret on 60 min chart. Price now completed the daily Cypher pattern. It tested a strong resistance zone at 1.5600 with divergences on 60 min. If we are now in a small 60 min first wave we can see a strong move to downside.
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