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The pattern started when the pair peaked to 1.0625; currently it is trading at 1.0270. Technical indicators on aggregate point at appreciation of the pair on 4H horizon. Current market sentiment is bullish as 68% of traders hold long positions on the pair. Long traders could focus on Bollinger band/pattern's resistance/daily pivot (R2) at 1.0290/301 and daily pivot (R3)/Fibonacci retracement (61.8 of 6th of september-14th of September move)/200 bar SMA at 1.0340/349.
Technical indicators on aggregate point at depreciation of the pair on 1D horizon suggesting. In 200 pips range from current market price 66% of all pending orders are to sell. Short traders could focus on daily pivot (R1) at 1.0216, 20bar SMA/daily pivot (PP) at 1.0229/23, daily pivot (S1) at 1.0183 and 6th of September low/Bollinger band at 1.0169/67.
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