© Dukascopy Bank SA
At the moment, the pair is strengthening towards the upper trend-line of the pattern around 1.46 mark. Since this is a reversal pattern then the break-out is more likely to be to the down-side, thus after reaching the major level at 1.46 the pair might drop lower. The SWFX market participants also favour the bearish scenario, as 63.37% of them are short on the pair. Meanwhile, the technical studies are neutral.
© Dukascopy Bank SA