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The pattern started when the pair rebounded from 0.9679 and after testing pattern's support levels at 0.9463 and 0.9738 it has slowed down at around 0.9818 where the pair is currently trading. Technical indicators on aggregate strongly suggest a bearish market outbreak on 1H and 1D time horizons. The SWFX market sentiment, with 60% of traders in buy side, supports a probability of such developments as well. Long traders expecting that the pair will bounce from pattern's support could focus on the recent peak and patterns resistance at 0.9832. If this level will be breached next targets could be set at daily support levels (Fibonacci) at 0.9842 and 0.9867.
The stochastic indicator on 1d outlook sends a clear sell signal indicating we might see a pullback in in pair's trading. Short traders could focus on the 12th of July plunge at 0.9807. If this level is breached, next target could be set at the 0.9803, 0.9784, 0.9776 and the recent low at 0.9767.
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