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The pattern started when the pair bounced from 0.7588. Currently the pair is trading at 0.7942. Pattern's support and resistance bands are set to intersect on 17th of October, 04:00 GMT, at 0.7945. Technical indicators on aggregate point at augmentation of the pair on 1W time horizon. The SWFX market sentiment is bullish as 59% of traders hold long positions of the pair. Long traders could set their targets at daily pivots at 0.7940 (R1) and 0.7956 (R2); and Fibonacci retracement (61.8% of move since 29th of June) at 0.7966.
Technical indicators on aggregate point at depreciation of the pair on 1D outlook and although the SWFX market sentiment is bullish at the moment, 68% of all posted orders on the pair are sell orders. Short traders could set their targets at daily pivots at 0.7914 (PP) and 0.7897(S1) and Fibonacci retracement (31.8%)/200 day SMA at 0.7886/82.
© Dukascopy Bank AS