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The pattern started when the pair bounced from 0.7455 and after testing resistance levels at 0.7753 and 0.7784 it has slowed down at 0.7854 where the pair is currently trading. On aggregate indicators point at a bull market outbreak on the 4H horizon. Long traders could focus on the recent high at 0.7865. If this level is breached, next targets could be at a daily resistance level 0.7890.
The Stochastic indicator on the all time horizons points at a bearish market outbreak. Current market sentiment is 60/40 in favor for the bears as well. Short traders could focus on the support level at 0.7837. If the pair breaches this level, next possible targets could be at a at 0.7825 and 0.7813.
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