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The pattern started when the pair bounced from 0.7617 and after testing resistance levels at 0.7784 and 0.7943 it has slowed down at 0.7966 where the pair is currently trading. Technical indicators on aggregate point at a bull market outbreak on 1H and 1D time horizons. Long traders could focus on a daily resistance at 0.7972. If this level is breached, next targets could be at pattern resistance boundary and at a psychological level of 0.8.
The Stochastic indicator points at a bear market outbreak on 1H, 4H and 1D time horizons. The current market sentiment is around 60/40 in favor for the bears as well. Short traders could focus on the daily support level at 0.7951. If the pair breaches this level, next possible target could be at a recent high at 0.7943.
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