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The pattern started when the pair rebounded from 0.8152 and after testing resistance levels at 0.8098 and 0.8066 it has slowed down at 0.803 where the pair is currently trading. The patterns support band is at 0.8022 and is scheduled to intersect with resistance line on 28th of June around 04:00 GMT. The current market sentiment, which is around 65/35 with bulls in majority, points at the possible recovery of the pair. The Stochastic indicator on 4H time horizon suggests a possible bullish market outbreak as well. Long traders could focus on the resistance level at 0.8046. If this level is breached, next targets could be at a daily resistance levels at 0.8050 and 0.8058 and at a SMA200 level at around 0.807.
Technical indicators on aggregate point at a bear market rally on the 1H and 4H time horizons. Short traders could focus on the daily support level at 0.8033. If the pair breaches this level, next possible targets could be at 0.8027 and the pattern support band at 0.8022.
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