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The pattern started when the pair rebounded from 0.8016 and after testing resistance levels at 0.7919 and 0.7885 it has slowed down at 0.785 where the pair is currently trading. The patterns support band is at 0.7852 and is scheduled to intersect with resistance line on 25th of June around 22:00 GMT. The Stochastic indicator on 4H and technical indicators on aggregate on 1D time horizon point at a bullish market outbreak. Long traders could focus on the resistance level at 0.7859. If this level is breached, next targets could be at a recent pattern resistance test at 0.7885 and at SMA200 level at around 0.79.
Technical indicators on aggregate point at a bear market rally on the 1H and 4H time horizons. The current market sentiment is around 55/45 in favor for the bears indicating that slim but yet majority of traders are anticipating further decrease of the pair. Short traders could focus on the recent pattern support band test at 0.7846. If the pair breaches this level, next possible target could be at a daily support at 0.7815.
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