2018Jun01 EURUSD H1 Possible Bearish Butterfly

Jun 1, 2018

There is a possible bearish butterfly for EURUSD. Upon D completion at 1.17467 (127.2 of XA) and confirmation of the bearish bias, I will go short. Stop loss is just above the 161.8 Fibonacci extension of leg XA. The take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD. Tentative details are as follows:

Trade Setup: Possible Bearish Butterfly
Price Entry 1.17467
SL 1.17804 | SL pips 33.7
TP1 1.17064 | TP1 pips 40.3
TP2 1.16816 | TP2 pips 65.1
RRR1 1.20 | RRR2 1.93

Jun 1, 2018

Note

This setup is now invalidated with the formation of a new swing low.