EURUSD - Possible Butterfly

23 apr 2014

The EURUSD 4-hr chart is showing a possible Butterfly setting up, which depends on if we get a move down near 1.3740 and subsequent bounce. Additional TL support is also seen close by, which gives me more confidence in the trade. The 1.xx50 levels always provide support, so it wouldn't be a bad idea to go long prior to hitting the 23% Fib, just in case price doesn't break through 1.3750. I would be comfortable putting stops below 1.37, risking ~50 pips while targeting a gain of ~250 pips.