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The pattern started when the pair dropped from 1.2325 to 1.2042 and appreciated after that; currently the pair is trading at 1.25511. Technical indicators on aggregate point at appreciation of the pair on 4H and 1D time horizons. Long traders could set the first target at daily pivot (R1) at 1.2563. If the pair breaches this level, next targets could be at 23rd of august pattern's support test level/daily pivot (R2) at 1.2590/96, daily pivot (R3) at 1.2618 and pattern's upper limit at 1.2657.
The SWFX market sentiment shows that 54% of traders expect depreciation of the pair as they hold short positions on the pair. In addition, in the range of 200 pips from current market price 52% of all pending orders are sell orders. Short traders could set the first target at daily pivot (PP) at 1.2541. If pair breaches these levels, next targets could be at Fibonacci retracement (23.6% of pairs move since 16th of August)/daily pivot (S1) at 1.2511/09 and daily pivot/pattern's lower limit at 1.2486/82.
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