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The pattern started when the pair bounced from 1.2042 and slowed down at 1.2144 after testing pattern's support and resistance bands twice. Pattern's resistance level is at 1.2167 and is set to intersect with support band on 26th of July, 23:30 GMT. The SWFX market sentiment shows that majority (60%) of traders expect recovery of the pair. Technical indicators on aggregate point at a bullish outbreaks on 1H and 4H time horizons, suggesting that the pair will bounce from the pattern's support and brake out of the pattern. Long traders could set the first target at the 4H retracement (Fibonacci) level at 1.2151. If this level is breached, next targets would be at the 25th of July peak at 1.2159 and the pattern's resistance band at 1.2167.
Technical indicators on aggregate point at further depreciation of the pair on 30M horizon. Short traders could focus on the pattern's lower band at 1.2140. If this level is breached next targets might be at SMA200 around 1.2129 and at 1D retracement (Fibonacci) at 1.2121.
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