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The pattern started when the pair rebounded from 1.5777 and after testing support levels at 1.5650 and 1.5577 it has slowed down at 1.561 where the pair is currently trading. Technical indicators on aggregate do not suggest any clear emerging trends on 30M, 1H and 4H time horizons. The current market sentiment is equally divided between the bears and the bulls as well. However, the MACD on 30M and 1H and The RSI with the Stochastic indicator on 4H time horizon suggest a possible bullish market outbreak. Long traders could focus on the daily resistance level at 1.45617. If this level is breached, next targets could be at 1.5624, 1.5656 and at a SMA200 level at around 1.568.
The MACD at 4H time horizon points at a bearish outbreak. Short traders could focus on the support level at 1.5590. If the pair breaches this level, next possible target could be at a pattern low at 1.5577.
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