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The pattern started when the pair bounced from 0.7833; currently the pair is trading at 0.7941. Technical indicators on aggregate point at appreciation of the pair on 1H and 4H time horizons. The SWFX market sentiment is bullish as 61% hold long position on the pair. Long traders could set the first target at Fibonacci retracement (23.6% of 28th of August jump from 0.7907) at 0.7944. If the pair breaches this level, next targets could be at 28th of august high at 0.7955, daily pivot (R1) at 0.7963 and pattern's upper limit at 0.7978.
The RSI sends a sell signal on 1D outlook, suggesting that we might see a price correction action. Pending order distribution shows that 53% of orders posted in 100 pip range from the current market price are sell orders. Short traders could set the first target at daily pivots at retracement (38.2% of 28th of August jump from 0.7907)/daily pivot (PP) at 0.7936/35. If pair breaches these levels, next targets could be at pattern's support at 0.7925 and daily pivot (S1) outside the pattern at 0.7915
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