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The pattern started when the pair rebounded from 77.660 and after testing pattern resistance band at 79.790 and at 80.619 it has slowed down at near SMA 200 level at 79.44 where the pair is currently trading. The SWFX market sentiment is in favor for the bulls with 70% of traders expecting the pair will continue its recovery. Long traders could focus on the SMA200 level at 79.475. If this level is breached, next targets could be at 79.550 and at the daily resistance at 79.704.
The technical indicators on aggregate point at the possible bearish market outbreak on the 4H time horizon. Short traders could focus on the recent pattern support band test level at 79.352. If the pair breaches this level, next possible targets could be at the weekly low at 79.230 and daily support at 79.149.
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