© Dukascopy Bank SA
The pattern started when the pair bounced from 0.8077 and slowed down slightly above 200 day SMA at 0.8107 where the pair is currently trading. Pattern's support is at 0.8082 and is set to intersect with pattern's resistance band on 28th of August, 11:00 GMT. Long traders, who expect the pair to appreciate, could set the first target at daily pivot (PP)/pattern's support at 0.8114. If this levels is breached, next targets could be at 26th of August peak at 0.8130 and daily pivot (R1) at 0.8145.
Technical indicators on aggregate point at depreciation of the pair on 1H and 4H time horizons. The SWFX market sentiment shows that 53% of traders currently hold short positions on the pair expecting its depreciation. Short traders could set the first target at 200 day SMA at 0.8102. If this level is breached, next targets could be set at daily pivot (S1) 0.8085 and pattern's support at 0.8082.
© Dukascopy Bank SA