© Dukascopy Bank SA
The pattern started when the pair rebounded from 1.0003 and after testing support levels at 1.0134 and 1.0141 it has slowed down at 1.013 where the pair is currently trading. Technical indicators on aggregate point at a bull market outbreak on 1H and 1D time horizons. Long traders could focus on a recent high at 1.0141. If this level is breached, next target could be at a daily resistance level at 1.0155.
The Stochastic indicator at 4H and 1D and the RSI at 4H time horizons point a bear market outbreak. The current market sentiment is 60/40 in favor for the bears as well. Short traders could focus on the daily support level at 1.0113. If the pair breaches this level, next possible target could be at 1.0103.
© Dukascopy Bank SA