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The pattern started when the pair bounced from 1.5642 and after testing pattern's resistance levels at 1.5723 and 1.5552 it has slowed down at around 1.5496 where the pair is currently trading. Technical indicators on aggregate do not suggest any trends on 1H, 4H and 1D time horizons. The SWFX market sentiment is also equally divided between the bears and the bulls. The RSI on the 4H outlook and the Stochastic indicator on the 1D outlook suggest a bullish market outbreak. Long traders could focus on 1.5506 and 1.5518. If these levels will be breached next targets could be set at a daily resistance at 1.5536 (Fibonacci) and the recent pattern's resistance test level at 1.5551.
Short traders expecting that the pair will continue to follow general downward sloping trend could focus on the 28th of June low at 1.5485. If this level is breached, next targets could be set at 8th of July low at 1.5473 and the 6th of July low at 1.5461.
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