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The pattern started when the pair bounced from 78.791 and after testing resistance levels at 80.619 and at 79.864. it has slowed down at slightly below SMA 200 at around 79.3 where the pair is currently trading. The patterns support band is at 79.217 and is scheduled to intersect with resistance line on 29th of June at 20:00 GMT. The RSI on the 1D time horizon suggests a possible bull market outbreak. The SWFX market sentiment is in favor for the bulls with 70% of traders expecting the pair will continue its recovery. Long traders could focus on the daily resistance (Fibonacci) level at 79.4026. If this level is breached, next targets could be at 79.467 and around SMA200 at 79.6.
Short traders expecting negative fundamental news from the US could focus on the pattern's lower band at 79.217. If the pair breaches this level, next possible targets could be set at the daily support levels (Fibonacci) at 79.130 and 78.931 where we could see a pullback.
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