I cleaned up the chart a bit for a better view of the Bullish Butterfly
. The closed inverted hammer
on the major quarter point is a good sign of bearish
movement along with the re-tracement off of the 88.6 (thus far) which is indicative of the C point. I'm keeping watch to see but I don't feel that it's going to extend beyond that point especially after this bullish
run that took place over that last couple weeks. If you look at my last analysis, the patter is playing out well. I'm not going in short just yet, but I'll be watching it like a hawk, as this is a chance to catch quite a few pips. If it hits my entry area, I expect more movement to the upside, and quite a few pips. This pattern will take some time to play out, so of course patience is a must. I will do another update on this pair within a couple of weeks depending upon movement, hope everyone is in profit.