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The pattern started when the pair bounced from 79.230 and after testing pattern's resistance band at 79.864 and 79.987 it has slowed at around 79.800 where the pair is trading for the last 8 hours. On aggregate, technical indicators point at bullish market outbreak on the 30M and 1H time horizons. The SWFX market sentiment supports such probability as almost 75% (4% increase from yesterday) of traders expect the will pair continue appreciating. Long traders could focus on the recent high at 79.834. If this level is breached, next targets could be set at the 4H support level at 79.900 (Fibonacci) and last patterns resistance band test level at 79.987.
Short traders expecting negative fundamental news from the US before the national holidays on the 4th of July could focus at 79.74. If the pair breaches this level, next possible targets could be set at 4H support levels at 79.667 and 79.523 (Fibonacci) and the patterns recent support band test at 79.310.
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