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The pattern started when the pair rebounded from 0.7648 and after testing resistance levels at 0.7753 and 0.7784 it has slowed down at 0.7718 where the pair is currently trading. Long traders could focus on the daily resistance level at 0.7757. If this level is breached, next target could be at 0.7784.
Aggregate indicators on 1H time horizon point at a bull market outbreak. Current market sentiment is around 60/40 in favor for the bulls as well. Short traders could focus on the daily support level at 0.7669. If the pair breaches this level, next possible target could be at 0.7642.
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