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The pattern started when the pair rebounded from 0.7827 and after testing pattern's support at 0.7790 and 0.7841 the pair slowed down at 0.7879 where the pair currently trading. Long traders, who expect that the pair will continue to follow pattern's trend, could set the first target at 4 hour retracement level (Fibonacci) at 0.7884. If this level is breached next target could be at the pattern's resistance level at 0.7893.
Technical indicators on aggregate point at depreciation of the pair on 1D outlook indicating that the pair most likely will rebound from pattern's resistance and we will see price correction. Short traders could set the first target on 4 hour retracement (Fibonacci) at 0.7870. If this level is breached, next targets could be set at the recent pattern's resistance test level at 0.7865 and the pattern's support band at 0.7861.
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