EURUSD FORMING A BUTTERFLY PATTERN AFTER A BAT PATTERN FORMATION

Price has been ranging within the 1.09889 and 1.07754 zone since the month of April. The range has formed successfully a bat pattern, an ascending triangle and a rectangle pattern. A butterfly pattern is forming shape which the price is heading toward the D leg of the butterfly pattern. However, if price breaks our key support area 1.07754, then a short to 1.06547 is likely to occur. In addition, an horizontal support is also located at our short target which is also our BUTTERFLY PATTERN D leg.