EUR/USD Is Ready to Violate The Bearish Butterfly

the EUR/USD continued trading below the suggested entry level of $1.2290, before breaking higher to $1.2325....


Today, the EUR/USD continued trading below the suggested entry level of $1.2290, before breaking higher to $1.2325. The Bearish Butterfly pattern on the daily chart has presented us with a good number of opportunities regarding the Euro, however, the pattern is currently quite shaky.  It looks as though the bull power is strong enough to violate this harmonic pattern.

EUR/USD - Daily Timeframe EUR/USD – Daily Timeframe

Currently, the ultimate support level is $1,2275, along with an immediate resistance at $1.2335. A break at either side will determine the trend.

 

If you are looking to trade this pair, make sure to check out the FX Leaders Jan 24 – Morning Brief, as we discuss many impactful economic events due for the European session.

 

EUR/USD – Key Trading Levels

Support     Resistance 

1.2249       1.2341

1.219         1.2374

1.2157       1.2433

Key Trading Level:    1.2282

 

EUR/USD Trade Plan

Investors are advised to seek bullish positions above $1.2285, with initial targets of $1.2345 and 1.2370.  Proceed with caution regarding these economic events, as they may change the Euro trend. I wouldn’t suggest taking any long-term positions in Euro before the release of the ECB Monetary policy tomorrow.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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