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The pattern started when the pair rebounded from 1.5768 and after testing pattern's support twice it slowed down at 1.5704 where the pair is currently trading. Technical indicator on aggregate point at appreciation of the pair on 1D horizon indicating that the pair should continue to follow pattern's trend. Long traders could set targets at the daily pivot (R1) at 1.5736 and pattern's resistance/daily pivot (R2) at 1.5770.
Technical indicators on aggregate point at depreciation of the pair on 1W horizon indicating that the pair should attempt to move closer to 200 day SMA. Short traders should focus on the pattern's resistance at 1.5686. If this level is breached, next targets could be at daily pivots at 1.5671 (S1) and 1.5641 (S2).
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