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Pattern started on 19th of August, 2011, when the pair peaked to 1.6618; currently it is trading at 1.6025; pattern's support is at 1.5252 and resistance is at 1.6307. The Technical indicators on aggregate on 1W horizon point at appreciation of the pair suggesting that bounce from 200-day SMA could continue a bit longer. Long traders could focus on the Bollinger band at 1.6059, weekly pivots at 1.6093 (R1), 1.6157 (R2) and 1.6262 (R3) and pattern's resistance at 1.6307.
The Stochastic indicator sends a sell signal on 1D horizon suggesting we might see a bearish dip in the near future. Current market sentiment is bearish showing that 60% of traders await depreciation of the pair. Short traders could focus on weekly pivot (PP) at 1.5988, 100-day SMA at 1.5964, 20-day SMA at 1.5939, weekly pivot (S1) at 1.5925, 200-day SMA at 1.5862 and weekly pivot (S2)/Bollinger band at 1.5820/19.
Main fundamental events which could have significant impact on pairs development in the near future are Bank of England Governor speech and the US preliminary quarterly GDP on 29th of November.
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