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The pattern started when the pair rebounded from 0.8095 and after testing pattern's support levels at 0.8007 and 0.7915 it has slowed down at around 0.7895 where the pair is currently trading. The Stochastic indicator on 4H and 1D time horizons suggests a bullish market outbreak. Long traders expecting that the pair will bounce from pattern's support could focus on the 0.7901. If this level will be breached next targets could be set at 0.7919 and 0.7934.
On 1H and 1D time horizons technical indicators on aggregate suggest that the pair will further depreciate. Short traders could focus on the 10th of July plunge at 0.7893. If this level is breached, next target could be set at the patterns support at 0.7883.
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