© Dukascopy Bank SA
The pattern started when the pair bounced from 0.7943; currently it is trading at 0.8012. The Stochastic indicator sends buy signals suggesting we will see a bullish rally in the near future. The SWFX market sentiment is bullish as 55% of traders hold long positions expecting pairs augmentation. Long traders could focus on Bollinger's band at 0.8019, daily pivot (R1) at 0.8023, pattern's resistance at 0.8033 and daily pivot (R2) at 0.8040.
Technical indicators on 4H time horizon sends a sell signal suggesting that pair might rebound from pattern's resistance. Short traders could focus on 20 bar SMA at 0.8007, pattern's support at 0.8005, daily pivot (PP) at 0.8000, Bollinger's band at 0.7995, daily pivot (S1) at 0.7983 and 200 bar SMA at 0.7975.
© Dukascopy Bank SA