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The pattern started when the pair bounced from 1.0251 and after testing resistance levels at 1.0296 and at 1.0267 it has slowed down at slightly below SMA 200 at 1.0238 where the pair is currently trading. The patterns support band is at 1.0232 and is scheduled to intersect with resistance line on 28th of June at 15:00 GMT. The RSI on the 1H time horizon suggests a possible bear market outbreak. The current 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 1.0241. If this level is breached, next targets could be at a daily resistance levels at 1.0243 and 1.0255.
The technical indicators on aggregate point at the possible bearish market outbreak on the 1H and the 4H time horizons. Short traders could focus on the daily support level at 1.0236. If the pair breaches this level, next possible targets could be at the patterns lower band at 1.0232 and at a daily support at 1.0225 where we could see a pullback.
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