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The pattern started when pair bounced from 0.9558 and after testing resistance levels at 0.9719 and 0.9735 it has slowed down at 0.971 where the pair is currently trading. Aggregate indicators do not suggest clear emerging trends in any of the time horizons, but the current market sentiment is 66% in favor for bulls. Long traders could focus on the daily resistance level at 0.9732. If this level will be breached, next target could be at recent high at 0.9744.
The RSI indicator at 4H and the Stochastic indicator at 1D horizons strongly point at bearish market outbreak. Short traders could focus on the daily support level at 0.9705. If the pair breaches this level, next possible target could be at the recent new low 0.9677.
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