© Dukascopy Bank SA
Pair has been gradually narrowing it's trading range after it hit September high on the 30th of September. Prior to that pair had a 4800 pip appreciation in 7 days (23rd to 30th of September). 38.2% retracement of that move coincided with the first test of the pattern's support, but Fibonacci retracements seems to have no impact on the pair beyond that point. At the moment it is struggling with daily PP (13.144), but it seems it should gain the pace due to the support from the pattern's support. Area up to the daily R2 might be rather volatile, but most of the downside pressure will be uplifted if the pair peaks above it.
© Dukascopy Bank SA