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The pattern started when the pair bounced from 0.7722 and after testing pattern's resistance band at 0.8017 and 0.8076 it has slowed down at 0.7937 where the pair is currently trading. Technical indicators on aggregate point at bullish market development on the 1D outlook, indicating that the pair will continue to follow the general trend. Long traders could focus on today's peek at 0.7954. If the pair breaches this level next target could be at todays high at 0.7971 and at SMA200 at around 0.7990.
Technical indicators on aggregate point at a bearish market development on the 1H and 4H time horizons indicating that the pair will try to breach pattern's support level. Short traders could focus on today's low 0.7929. If this level is breached, next target could be set at the pattern's support band at 0.7918.
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