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The pattern started when the pair bounced from 0.7456 and after testing pattern's resistance and bouncing of it's 200 day SMA it slowed down at 0.8154 where the pair is currently trading. Technical indicators on aggregate point at appreciation of the pair on 4H time horizon indicating that it is likely to continue to follow pattern's trend. The SWFX market sentiment shows that 52% of traders expect further appreciation of the pair. Long traders could set the first target at the recent peak/daily pivot (R1) at 0.8186. If pair breaches this level, next targets could be at daily pivots at 0.8214 (R2) and 22st 0.8269 (R3) and pattern's resistance at 0.8326.
Short traders, who expect that we will see a price correction after gains at the end of yesterdays trading session, should focus on the daily pivot (PP) at 0.8132. If this level is breached, next targets could be at daily pivot (S1) at 0.8104 and 22nd of August low at 0.8077.
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