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The pattern started when the pair bounced from 94.929 and slowed down slightly above 200 day SMA at 98.578 where the pair is currently trading. Technical indicators on aggregate point at appreciation of the pair on 1D time horizon suggesting that the pair will continue to follow pattern's trend. Long traders could set the first target at daily pivot (R1) at 98.872. If the pair breaches this level next targets could be at 21st of August pattern's resistance test level at 99.191, daily pivot (R2) at 99.280 and pattern's upper limit/daily pivot (R3) at 99.723.
Technical indicators on aggregate point at depreciation of the pair on 4H time horizons suggesting that the pair will continue to depreciate and move towards pattern's support. The SWFX market sentiment shows that 52% of traders currently hold short expecting depreciation of the pair. Short traders should set their targets at daily pivot (PP)/Fibonacci retracement (23.6% of move since 10th of August) at 98.429/375. If the pair breaches these levels next targets could be at 200 day SMA at 98.221 and daily pivot (S1) at 98.021.
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