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The pattern started when the pair bounced from 77.919 and slowed down at 78.500 where the pair is currently. Pattern's support band is at 78.157; pattern's resistance band is at 78.786. Technical indicators on aggregate point at appreciation of the pair on 1H time horizon indicating that the pair will continue to move towards pattern's resistance. The SWFX market sentiment shows that 70% of the traders expect appreciation of the pair. Long traders could set their targets at daily pivot at 78.638 and pattern's resistance at 78.786.
Technical indicators on aggregate send a very strong sell signal on 4H outlook indicating that the pair won't manage to breach pattern's resistance. Short traders could set the first target at daily pivot/SMA200 at 78.428/03. If these levels are breached, next targets could be set at daily pivots at 78.299 and 78.218 and pattern's support at 78.157. Technical indicators on 1D outlook suggest that the pair will stay between pattern' support and resistance levels in the medium term.
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