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The pattern started when pair rebounded from 97.417 and after testing resistance levels at 100.615 and 100.894 it has slowed down at 99.817 where the pair is currently trading. Aggregate indicators point at bull market outbreak in the 1H time horizon. Current market sentiment is 70/30 in favor for the bulls as well. Long traders could focus on the daily resistance level at 100.027. If this level is breached, next targets could be at 100.456.
The Stochastic indicator on the 4H and 1D time horizons points at a bearish market outbreak. Short traders could focus on the daily support level at 99.394. If the pair breaches this level, next possible target could be at 98.761.
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