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The pattern started when the pair rebounded from 0.9972 and after testing pattern's resistance at 0.9695 and 0.9657 it slowed down at 0.9732 where the pair is currently trading. Technical indicators on aggregate send a very strong buy signal on 1H outlook indicating that the pair will continue to follow theoretically correct pattern and will move towards pattern's resistance band. The SWFX market sentiment shows that clear majority (72%) of traders expect appreciation of the pair as well. Long traders could set the first target at the SMA200 around 0.9745. If this level is breached, next target could be at the daily pivot at 0.9768.
The Stochastic indicator on 4H time horizon points at depreciation of the pair indicating that the pair might rebound from SMA200. Short traders should focus on the daily pivot at 0.9719. If this level is breached, next target could be at 8th of August and daily pivot at 0.9689
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