Will EUR/AUD Fly to Complete the Butterfly Pattern?
EUR/AUD is trying to make the butterfly pattern on the 15m timeframe. And the trend seems positive here. On this chart, it has started to rise by following the support from 21st January 2021. Right now, it's trying to reach the hurdle(1.5812).
It has to cross the hurdle and reach 1.5825 level, to complete the butterfly pattern. So the targets are as following 1.5804 - 1.5812 - 1.5825 - 1.5830 - 1.5970.
But what if it starts to fall?
If the trend starts to fall and the butterfly pattern fails with the fall, then the targets are 1.5760 - 1.5765. And if this breaks the support, then it will hit 1.5740 - 1.5715.
Note: It's a bearish butterfly pattern. After the butterfly pattern, the trend will fall for a short period.
It has to cross the hurdle and reach 1.5825 level, to complete the butterfly pattern. So the targets are as following 1.5804 - 1.5812 - 1.5825 - 1.5830 - 1.5970.
But what if it starts to fall?
If the trend starts to fall and the butterfly pattern fails with the fall, then the targets are 1.5760 - 1.5765. And if this breaks the support, then it will hit 1.5740 - 1.5715.
Note: It's a bearish butterfly pattern. After the butterfly pattern, the trend will fall for a short period.