© Dukascopy Bank SA
The pattern started on 12th of July, 2012, when the pair started appreciating from 1.0101; at the moment the pair is trading slightly above the 200 bar SMA at 1.0326; the pattern's support is at 1.0158; and resistance is at 1.0618. Technical indicators on aggregate point at appreciation of the pair on the 1W horizon. Current market sentiment is moderately bullish as 58% of traders hold long positions on the pair. Long traders could focus on the weekly pivot (R2)/Fibonacci retracement (23.6% of the 1st of June-9th of August move) at 1.0367/70 and weekly pivot (R3)/Bollinger band at 1.0439/42.
Technical indicators on aggregate point to a depreciation of the pair on the 1D horizon suggesting that the pair might rebound from the 200 bar SMA. 57% of pending orders on the pair are to sell suggesting an existence of a rather strong resistance in higher levels. Short traders could focus on the 200 bar SMA/weekly pivot (R1) at 1.0291/94, 20 bar SAM at 1.0282, weekly pivot (PP)/Fibonacci retracement (38.2%) at 1.0226/21, the pattern's support/weekly pivot (S1) at 1.0158/51, and Bollinger band at 1.0122.
© Dukascopy Bank SA