© Dukascopy Bank SA
The pattern started when the pair rebounded from 0.8101 and after testing support levels at 0.7971 and 0.8011 it has slowed down at 0.8041 where the pair is currently trading. Current market sentiment is around 60/40 in favor for the bulls. Long traders could focus on SMA200 at 0.8049. If this level is breached, next target could be at a daily resistance level at 0.8076.
Technical indicators on aggregate point at a bear market outbreak on 4H time horizon. Short traders could focus on the daily support level at 0.8033. If the pair breaches this level, next possible target could be at a recent low at 0.8011.
© Dukascopy Bank SA