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The pattern started when the pair bounced from 1.5491 and after testing pattern's support twice it slowed down at 1.5715 where the pair is currently trading. Long traders, who expect that the pair will continue to follow pattern upward trend, could set the targets at the pattern's resistance at 1.5759 and daily pivot (R1) at 1.5775.
Technical indicators on aggregate point at depreciation of the pair on 1H horizon. The SWFX market sentiment shows that 63% of traders currently are holding short positions of the pair expecting depreciating of the pair as well. Short traders should focus on the daily pivot (PP) at 1.5706. If this level is breached, next targets could be at 200 day SM/daily pivot (S1)/pattern's support at 1.5667 and daily pivot (S2) at 1.5591.
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