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The pattern started when the pair started appreciating from 0.7887. Technical indicators on aggregate point at appreciation of the pair on 1D and 1W horizons. Current market sentiment is bullish as 53% of traders hold long positions on the pair. In addition, in 100 pip range from current market price 61% of all pending orders on the pair are to buy. Long traders could focus on daily pivot (R2)/9th of October high at 0.8098/0.81, pattern's resistance at 0.8107 and pattern's high/daily pivot (R3) at 0.8115/19.
The Stochastic indicator on 4H horizon sends sell signal suggesting that we might see a bearish correction in the near future. Short traders could focus on Bollinger band at 0.8093, daily pivot (R1) at 0.8081 and clusters of support levels at 0.8067/61 (20 bar SMA, Fibonacci retracement (23.6% of 1st to 9th of October move) and weekly pivot (PP)) and 0.8044/40 (weekly (S1), Bollinger band and Fibonacci retracement (38.2%)).
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