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.