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The pattern started when the pair started depreciating from 0.8187 after bouncing from 0.8077. Currently the pair is trading at 0.7942. The SWFX market sentiment is bullish as 54% of traders hold long positions of the pair. Long traders could set their targets at daily pivot (PP)/Fibonacci retracement (23.6% of move since 31st of August) at 0.7951, Fibonacci retracement (38.2%) at 0.7968, daily pivot (R1) at 0.7981 and Fibonacci retracement (61.8%)/4th of September high at 0.7997.
Technical indicators on aggregate point at depreciation of the pair on 4H and 1D time horizons emphasizing the possibility that the pair will continue to follow pattern's trend. Short traders could set their targets at 4th of September low at 0.7922, pattern's support limit/daily pivot (S1) at 0.7906 and daily pivot (S2) at 0.7876.
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