The pattern started when pair rebounded from 111.235 and after testing support level at 100.255 and resistance level at 102.133 slowed down at 99.72 where the pair is currently trading. Although aggregate indicators do not suggest clear outbreak, but the current market sentiment, which is around 75% bullish, and the RSI and the Stochastic indicators point at possible bull market breakout in 1D horizon. Long traders could focus on the 100.325 resistance level. If this level will be breached, next target could be at around 100.93.
Half of the indicators at 1D and 1W horizons point at a bear market outbreak. Short traders could focus on the support levels at 99.503. If the pair breaches these levels, next possible target could be the February 1st low at 99.242.