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The pattern started when the pair started appreciating from 97.996 after dropping from 99.027. Currently the pair is trading at 100.265. Technical indicators on aggregate point at augmentation of the pair on 1H and 4H horizons. In the range of 100 pips from current market price, 53% of pending orders are buy orders. Long traders should focus on daily pivot (R1) at 100.290 and recent high (7th of September) at 100.439. If pair breaches these levels next targets could be at daily pivots at 100.630 (R2) and 101.009 (R3) and 29th of June high at 101.404.
The Stochastic indicator send sell signal on 1D horizon suggesting that pair might gain momentum and move towards pattern's support in the near future. The SWFX market sentiment is bearish as 53% hold short positions on the pair expecting depreciation of the pair. Short traders could set their targets at daily pivot (PP)/pattern's support/Fibonacci retracement (23.6% of move since 5th of September) at 99.911/864, daily pivot (S1)/Fibonacci retracement (38.2%) at 99.571/507 and 200 day SMA/daily pivot (S2) at 99.222/192 .
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