EUR/USD | Oct 2, 2019
- KeonConsultancy.com
- Oct 2, 2019
- 1 min read
If you have read my previous analysis of EURUSD, you know that I was looking for buying opportunity.
Entered buy at 1.0915 (50% retracement of upward movement since release of ISM Manufacturing PMI).
Butterflies, three drives etc. easily fail to work as full reversal pattern but partial reversal or at least 30% retracement is easily caused by such patterns; so I am targeting only 30% of butterfly move from a to d.
The trade has been accomplished as minimum target of butterfly (30% of whole move from a to d, i.e. 1.0990) shown at https://www.keonconsultancy.com/post/eur-usd-sep-30-2019 has beet hit.
I will be monitoring the pair for further development. Recent data of US ADP NFP, US ISM manufacturing PMI and non-manufacturing PMI came weaker than forecast; If NFP will also come weaker, FED will have statistics to talk about further rate cut. This butterfly then may turn into a cause of bigger reversal and a technical tool to determine next target.
Moved SL to BE ahead of US ISM Non-Manufacturing PMI.