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The pattern started when the pair rebounded from 79.699 and after testing support levels at 79.385 and 80.005 it has slowed down at 80.37 where the pair is currently trading. Technical indicators on aggregate suggest a possible bullish market outbreak on 1H and 4H time horizons. The SWFX market sentiment is bullish with 75% of investors expecting the pair to go upwards. Long traders could focus on the pattern high at 80.517. If this level is breached, next levels of interest could be at a pattern resistance at around 80.704 and at daily resistance at 80.867.
The pattern is in its late stage and has been testing pattern support for a few hours already. The MACD points at a bearish market outbreak on 30M and 1H time horizons. Short traders could focus on the daily support level at 80.282. If the pair breaches this level, attention could be focused at the 80.223 and at the recent pattern support test level at 80.005.
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