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The pattern started when pair bounced from 0.828 and after testing resistance level at 0.839 and 0.810 slowed down at 0.8 where the pair is currently trading. The RSI and the Stochastic indicators do not suggest any major market movements in 4H ad 1D outlook, but predict a possible bull rally in 1W time horizon. Long traders could focus on the 0.805 resistance level. If this level will be breached, next target could be at SMA200 around 0.81.
On 4H time horizon, aggregate indicators point at a bear market outbreak. Current market sentiment, which is almost 60% bearish, supports such probability as well. Short traders could focus on the support levels at 0.798 and 0.796. If the pair breaches these levels, next possible target could be set at 0.793.
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