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The pattern started when the pair rebounded from 0.8016 and after testing patterns lower band at around 0.7845 on 22nd of June at 08:00 GMT and on 25th of June at 14:00 GMT it has slowed down at 0.788 where the pair is currently trading. The patterns resistance level is at 0.7918. The Stochastic indicator on 30M time horizon and technical indicators on aggregate on 1H outlook suggest a possible bullish market outbreak. Long traders could focus on the daily resistance level at 0.7892. If this level is breached, next targets could be at the SMA200 at around 0.7912 and pattern's resistance level at 0.7918.
The current market sentiment, which is around 60/40 with bears in majority, points at the possible further drop of the pair. Short traders could focus on the daily support level at 0.7871. If the pair breaches this level, next possible targets could be at 0.7859 and the pattern lower band at 0.7845.
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