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The pattern started when pair bounced from 0.7949 and fluctuated around SMA200. After testing resistance levels at 0.8101 and 0.8139 it has slowed down at 0.806 where the pair is currently trading. Aggregate indicators do not suggest clear emerging patterns at 4H or 1D time horizons. However, the stochastic indicator at 1H time horizon is deep below 20% critical value pointing at bull market outbreak. Long traders could focus on the daily resistance level at 0.8077. If this level is breached, next targets could be at 0.8089.
On aggregate the indicators on 1H time horizon point at bull market outbreak. The current market sentiment is around 55% in favor for bears as well. Short traders could focus on the SMA200 level at 0.8038. If the pair breaches this level, next possible target could be at 0.8017.
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