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Card stock or construction paper is good for this project. Wish I could have found the template but this was given to me by my son's teacher to use at my school a long time ago.
This is made from 3 petals that are pinched at the mid point and folded into a V and then stapled to hold that V. Assemble 3 Vs and staple them together into a ring. Leaves can be more realistic than this but this is a children's holiday school craft. They used yellow tissue paper here but as done at my son's school; they took a 1 1/2 inch wide strip of yellow construction paper, fringed it along the long edge and rolled it up, glued so it couldn't unroll and stuck it fringed end up into the center of the assembled flower.
http://dishingart.blogspot.com/2010/12/3-d-paper-poinsettias.html
Petal shape before pinching and folding is similar to the middle shape here

Crepe Paper Poinsettia as done by Martha Stewart
http://thebridesguide.marthastewartweddings.com/2010/01/diy-crepe-paper-poinsettias.html
These crepe paper poinsettias are inspired by this fabric version.

For each flower, you'll need three diamonds for your petals and three small rectangles for your stamens. Be sure that the "grain" of the crepe paper runs from top to bottom. This will make your petals easier stretch & shape.

Stretch out the paper for each petal by tugging lightly across the grain.

Bunch each diamond together cross-wise and twist to secure. Add a small bit of glue if needed.

Stack twisted pieces on top of each other, staggering each layer. Secure with glue. Roll rectangle pieces into small balls and glue to the center of your flower.
