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The pattern started when the pair started depreciating from 78.337. Currently the pair is trading at pattern's support/Fibonacci (50% of move since 13th of September) at 78.175. The SWFX market sentiment is bullish—71% of all of positions are long expecting that the pair will follow pattern's, upward sloping, trend. In addition, in the range of 200 pips from current market price 72% of all pending orders are buy orders. Long traders could focus on Fibonacci (38.2%)/daily pivot (R1)/20 bar SMA at 78.437/58, 200 bar SMA at 78.564 and daily pivot (R2)/Fibonacci (23.6%) at 78.680/737.
Technical indicators on aggregate point at depreciation of the pair on 4H, 1D and 1W time horizons suggesting that we should see a bearish rally in the near future in the pair.Short traders could focus on recent (20th of September) pattern's support test level/daily pivot (S1) at 78.026/007, Fibonacci (61.8%)/Bollinger's band at 77.925/907 and daily pivot (S2) at 77.795.
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