EUR/USD Is Ready to Violate The Bearish Butterfly
Arslan Butt • 1 min read
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
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
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.