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The pattern started when the pair started depreciating from 0.9919 after jumping from 0.9843. Currently the pair is trading at 0.9652. The Stochastic indicator on 1H, 4H and 1D time horizons sends buy signal suggesting we will see a bullish price correction in the near future. The SWFX market sentiment is bullish as 72% of traders hold long positions on the pair expecting its recovery. Long traders could focus on 13th of September dip at 0.9666, peak at 0.9694 and daily pivot (PP)/11th of September low at 0.9714.
Order distribution shows that in the range of 100 pips from current market price 60% of all posted orders are sell orders. Short traders could focus on daily pivot (S1)/pattern's support at 0.9643 and daily pivots at (0.9601 (S2) and 0.9535 (S3).
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