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The pattern started when the pair rebounded from 0.8225 and after testing pattern's resistance twice it slowed down at 0.8064 where the pair is currently trading. Long traders, who expect that the pair will breach pattern's resistance, could set the first target at the pattern's resistance at 0.8073. If this level is breached, next target could be at the daily pivot/recent peak at 0.8083.
Technical indicators on aggregate point at depreciation of the pair on 4H outlook indicating that the pair will continue to follow pattern's downward facing trend. Short traders should focus on daily pivot (S1) at 0.8045. If this level is breached, next targets could be at the daily pivot (S2) at 0.8022 and pattern's support at 0.8002.
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