Butterfly Pattern Expectations
In the EUR/USD chart that I analyzed, I noticed that the butterfly pattern is gradually forming, and this is an important signal that I need to watch. Point A started the pattern as the recent high, then the price dropped to point B, then recovered to C and dropped sharply to D, which are the legs of the pattern.
I observed that the current price is approaching point D, which I expected to be a strong support level, and this could be a good opportunity for me to consider buying. Technical indicators such as RSI are also starting to show signs of oversold conditions, supporting the buying scenario at point D.
I observed that the current price is approaching point D, which I expected to be a strong support level, and this could be a good opportunity for me to consider buying. Technical indicators such as RSI are also starting to show signs of oversold conditions, supporting the buying scenario at point D.
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