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The pattern started when the pair bounced from 1.2287 and after testing resistance levels at 1.2668 and 1.2747 it has slowed down at 1.270 where the pair is currently trading. Technical indicators on point at a bull market outbreak on 1D time horizon. Long traders could focus on a resistance level at 1.2719. If this level is breached, next targets could be at 1.2730 and at a recent high at 1.2747.
The MACD and the CCI indicators point at a bearish market outbreak at 1H and 4H time horizons. The current market sentiment is around 55/45 in favor for the bears as well. Short traders could focus on the support level at 1.2690. If the pair breaches this level, next possible targets could be at 1.2661, 1,2616 and at SMA200 at around 1.2585.
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