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The pattern started when the pair bounced from 79.230 and after testing pattern's resistance band at 79.864 and 79.987 it has slowed at slightly above SMA200 level at around 79.76 where the pair is currently trading. On aggregate technical indicators point at bullish market outbreak on the 1H, 4H and 1D time horizons. The SWFX market sentiment supports such probability as 75% (5% increase from yesterday) of traders expect the will pair continue appreciating. Long traders could focus on the recent high at 79.834. If this level is breached, next targets could be set at the 4H support level at 79.900 (Fibonacci) and last patterns resistance band test level at 79.987.
Short traders expecting negative fundamental news from the US before the national holidays on the 4th of July could focus on the SMA200 at around 79.74. If the pair breaches this level, next possible targets could be set at 4H support levels at 79.667 and 79.523 (Fibonacci) and the patterns recent support band test at 79.310.
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