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The pattern started when the pair rebounded from 79.956 and slowed down at 78.291, where the pair is currently trading. Pattern's resistance band is at 78.682; patterns lower limit is around 77.9500—77.9190. The Stochastic indicator on 4H outlook points at appreciation of the pair indicating the possibility that the pair will follow pattern's theoretical path. The SWFX market sentiment shows that 70% of the traders expect such development as well. Long traders could set the first target at the daily pivot at 78.445. If this level is breached, next targets could be at the pattern's resistance at 78.682 and the recent peak at 78.7780.
Technical indicators on aggregate point at depreciation of the pair on 1W outlook. Short traders should focus on 6th of august low at 78.252. If this level is breached, next targets could be at the daily pivot at 78.112 and pattern lower limits at around 77.935.
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