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The pattern started when the pair rebounded from 1.2334 and after testing pattern's support levels at 1.2235 and 1.2167 it has slowed down at around 1.2200 where the pair is currently trading. Technical indicators on aggregate do not suggest any clear emerging trends in the nearest future, but the SWFX market sentiment, with 60% of traders in buy side points at markets anticipation of appreciation of the pair. Long traders expecting that the pair will brake through the pattern's resistance band could focus on the recent peak and at 1.2217. If this level will be breached next targets could be set at 4 hour resistance level (Fibonacci) at 1.2223 and 12th July high at 1.2245.
Short traders who expect that the pair will continue to follow general pattern's slope could focus on the 13th of July plunge at 1.2191. If this level is breached, next targets could be set at the 12th of July support levels at 1.2182 and 1.2174 and the recent pattern's support test at 1.2167.
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