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The pattern started when the pair bounced from 0.8014 and slowed down at 0.7878 after testing pattern's resistance band at 0.8076 and 0.7999. The current market sentiment is equally divided between the bears and the bulls, but the technical indicators on aggregate point at a bullish market development on the 1D outlook indicating that the pair eventually should bounce after testing pattern's support band few hours ago. Long traders could focus on today's peek at 0.7882. If the pair breaches this level next targets could be set at daily resistance levels (Fibonacci) at 0.7893 and 0.7922.
Technical indicators on aggregate point at a bearish market development on the 1H time horizon indicating that the pair might continue testing pattern's support band for some time. Short traders could focus on the recent pattern's resistance test level of 0.7862. If this level is breached, next targets could be set at the 29th of June low at 0.7850 and the 28th of June low at 0.7840.
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