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The pattern started when the pair started appreciating from 0.7887; currently it is trading at daily pivot (R1) at 0.8058; pattern's resistance is at 0.8108. Technical indicators on aggregate point at appreciation of the pair on 4H, 1D and 1W highlighting a strong probability of upward breakthrough. Long traders could focus on Fibonacci retracement (23.6% of 5th of September-14th of September move) at 0.8062, daily pivot (PP) at 0.8068, Bollinger band/daily pivot (R1) at 0.8081/84, daily pivot (R2)/patterns resistance at 0.8104/08 and pattern's high/daily pivot (R3) at 0.8116/20.
In 200 pips range from current market price 55% of all pending orders are to sell. Short traders could focus on 20 bar SMA at 0.8055. daily pivot (S1)/pattern's support at 0.8047, daily pivot (S2)/Fibonacci retracement (38.2%)/Bollinger band at 0.8031/29 and Fibonacci retracement (50%)/200 bar SMA at 0.8000.
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