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The pattern started when the pair started depreciating from 0.8116. Currently the pair is trading at 0.7971. The Stochastic indicator sends buy signal on 4H and 1D time horizons suggesting a possible bullish rally on the pair. The SWFX market sentiment is bullish—53% of all positions on the pair are long. In addition, in the range of 200 pips from current market price 70% of all pending orders are buy orders. Long traders could focus on 20 bar SMA/daily pivot (S1) at 0.7982, daily pivot (PP) at 0.7995 and Bollinger's band/pattern's resistance/major (psychological) level at 0.8002.
Technical indicators on aggregate point at depreciation of the pair on 1H time horizon. Short traders could focus on cluster of support levels at 0.7968/61 (11th of September low/Weekly pivot (S2)/Bollinger's band) and weekly pivot (S3)/pattern's support at 0.7949 .
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