Bullish Butterfly has been formed in EURNZD 4 hour chart
There is a very nice Bullish Butterfly pattern has been emerged in EURNZD 4 hour chart. The RR is very nice right now as the SL should be just 10 or 15 pips below the 1.61 fib ext of BC @ 1.6635 and the TP @ 1.6790. It should be noted that the pair is in the downtrend and it can slide more towards 2.61 fib ext of BC @1.6420 therefore, proper SL is essential if entering into this setup. Trade safe and good luck.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.