© Dukascopy Bank SA
The pattern started when the pair bounced from 1.5394 and slowed down at 1.5658 after testing pattern's support levels at 1.5554 and 1.5582. Pattern's resistance level is at 1.5674 and is set to intersect with support band on 22nd of July, 23:00 GMT. Technical indicators on aggregate suggest that the pair will continue to appreciate on 1H outlook and most likely will test the pattern's resistance level. The SWFX market sentiment shows that 55% of traders anticipate augmentation of the pair as well. Long traders could set the first target at 19th of July peak at 1.5668. If this level is breached next target would be at 17th of July peak at 1.5676 and 4th of July high at 1.5690.
Technical indicators on aggregate point at depreciation of the pair on 1D outlook suggesting that the pair might rebound from pattern's resistance level. Short traders could set the first target at 19th of July plunge at 1.5645. If this level is breached, next targets might be at the at 1.5633 and at pattern's support band at 1.5623.
© Dukascopy Bank SA