EURAUD Trend Continuation into Pattern

٢٧ يناير ٢٠١٤

**WT +75** Filled on the pip.There is a clear area of Resistance/Support that is manipulating price action. Using this to our advantage and the fact that there is a potential harmonic pattern at play we can pin point a high probability entry to play a short up to the pattern completion point. Entry would be idea if price action comes to retest the resistance level and demonstrates bearish candles. Previous structure (at point X) has yet to be tested but price action has not been willing to test the area although being relatively close. This leads me to believe that structure at point X in this Butterfly pattern is not significant or relevant