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The pattern started when pair bounced from SMA200 at 0.913 and after testing support level at 0.904 climbed to 0.958 where the pair is currently trading. All indicators, except the RSI and the Stochastic, on 4H and 1D time horizons strongly suggest possible bullish outbreak. Long traders could focus on the daily resistance level at 0.963.
However, the RSI and the Stochastic indicators suggest upcoming bearish trend on the 4H horizon. Current market sentiment is slightly in favor for bears as well. Short traders could focus on the resistance levels at 0.955 and 0.953. If pair breaches these levels next possible target could be at 0.951 level.
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