The pattern was invalidated when it retraced back to 1.09845 twice... Here is a great chart on Butterfly, Gartley and ABCD patterns that you might be interested in http://www.forexfactory.com/attachment.php?attachmentid=952878&d=1335870201. Good luck.
Generally, I look for the leg down (AB) to not retrace back to C when moving down... I'm sure I've read this somewhere, but can't find it. However, the pattern you have uploaded may work out. If price does retrace back to D, then it's looking pretty good.
Agree with the channel, but not so much in the pattern, I prefer not to use High/Lows to much in the past (on same chart), I keep analysis on the last 5 H/L only, but the idea is still great. I’m planning to get long near on that zone too.