2018Nov01 EURAUD H4 Bullish Butterfly

EURAUD has been on a downtrend and completed a bullish butterfly. This is in confluence with a trendline support. Upon confirmation of the bullish bias, I will go long. Stop loss is just below the swing low. The take profit target is set at the 38.2 Fibonacci retracement level of the AD leg. Trade details are as follows:

Trade Setup: Bullish Butterfly
Price Entry 1.59256
SL 1.58768 | SL pips 48.8
TP1 1.60636 | TP1 pips 138.0
RRR1 2.83