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The pattern started when the pair rebounded from 0.7964; currently it is trading at 0.8088. Gap between pattern's support and resistance broadens by 25 pips in 100 pips period. Technical indicators on aggregate point at appreciation of the pair on 1W horizons suggesting that pair will continue to follow pattern's, upward sloping, trend. Long traders could focus on daily pivot (R1)/Bollinger band at 0.8107/08, pattern's high (14th of september)/weekly pivot (R1)/daily pivot (R2) at 0.8115/20, daily pivot (R3) at 0.8144, 10th of June high at 0.8158, weekly pivot (R2) at 0.8171 and pattern's resistance up to 0.8228.
The Stochastic indicator on 4H and 1D horizons gives sell signal indicating that we should see a bearish correction in the near future. Short traders could focus on daily pivot (PP) at 0.8083, daily pivot (S1) pivot/20 bar SMA at 0.8070/64, daily pivot (S2)/Fibonacci retracement (61.8% of move since 14th of september) at 0.8045/42, daily pivot (S3)/weekly pivot (PP) at 0.8032/31 and Bollinger band at 0.8019.
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