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The pattern started when the pair rebounded from 0.9679 and slowed down at 0.9916 after testing pattern's resistance band at 0.9463 and 0.9747. Technical indicators on aggregate send very strong buy signals on 4H, 1D and 1W charts indicating that the pair will continue to appreciate. The SWFX market sentiment shows that 60% of traders are betting on further augmentation of the pair as well. Long traders could set the first target at the recent peak at 0.9952. If this level is breached we will see a lot of resistance at the next target at the parity level of 1.000.
The Stochastic indicator on 1D and 1W charts sends sell signal suggesting that we might see some price correction in the near future. Short traders could focus on 23rd of July low at 0.9889 and the patterns support band at around 0.9851.
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