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The pattern started when the pair bounced from 0.9969 and after testing pattern's support twice it slowed down not far above 200 day SMA at 1.0511 where the pair is currently trading. Technical indicator on aggregate point at appreciation of the pair on 1W horizon indicating that the pair should continue to follow pattern's upwards trend. Long traders could set targets at the 21st of August peak/daily pivot (R3) at 1.0519 and weekly pivot (R1) at 1.5770.
The Stochastic and the RSI indicators send sell signals on 4H horizon indicating that the pair could attempt to move closer to 200 day SMA. Short traders should focus on the daily pivot (R2) at 1.0496. If this level is breached, next targets could be at daily pivots at 1.0472 (R1) and 1.0446 (PP).
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