© Dukascopy Bank SA
The pattern started when the pair bounced from pattern's support at 0.9843 after dropping from 1.0085. Pattern's support and resistance lines are set to intersect on 2nd of October, 23:00 GMT. The SWFX market sentiment shows that 71% of traders are holding long positions expecting pairs advancement towards pattern's resistance. Long traders could set the first target Fibonacci retracement (61.8% of 28th to 30th of August move) at 0.9877. If the pair breaches this level, next targets could be at daily pivot (PP) at 0.9883, Fibonacci retracement (38.2%) at 0.9898 and pattern's resistance around 0.9921.
Technical indicators on aggregate send rather strong sell signals on 1H, 4H and 1D time horizons. Short traders could set their targets at daily pivot (S1) at 0.9853, pattern's support at 0.9843 and daily pivot (S2) at 0.9834.
© Dukascopy Bank SA