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The pattern started when the pair rebounded from 0.7648 and after testing pattern's support levels at 0.7456 and 0.7840 it has slowed down at around 0.8022 where the pair is currently trading. Technical indicators on aggregate point at bullish market development on the 1D outlook, indicating that the pair will continue to follow the general trend. Long traders could focus on 0.8041 and the recent peek at 0.8076.
Technical indicators on aggregate point at a bearish market development on the 4H and 1W time horizons. The current market sentiment, with clear majority of traders (80%) in sell side, supports the probability of such development as well. Short traders could focus on the recent low at 0.8006. If this level is breached, next target could be set at the pattern's support band at 0.7989.
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