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The pattern started when pair bounced from 0.828 and after testing resistance levels at 0.839 and 0.809 it has slowed down at 0.8 where the pair is currently trading. Aggregate indicators do not suggest clear emerging trends in any of time horizons and the current market sentiment is equally divided between bears and bulls. Long traders could focus on the resistance level at 0.803. If this level will be breached, next target could be at SMA200 level at 0.808.
The Stochastic indicator strongly point at bearish market outbreak at 4H time horizon. Short traders could focus on the support level at 0.797. If the pair breaches this level, next possible target could be at the recent new low 0.795.
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