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The pattern started when the pair bounced from 91.125 and after testing pattern's resistance twice it slowed down at 95.921 where the pair is currently trading. The stochastic indicator on 4H time horizon points at appreciation of the pair indicating we should see some price correction in the near future. The SWFX market sentiments shows that two thirds of traders expect appreciation of the pair as well. Long traders could set the first target at the Fibonacci retracement (50%) at 95.9740. If this level is breached, next targets could be at the daily pivot at 96.2083 Fibonacci retracement (61.8%) at 96.411 and SMA200 at 96.569.
Technical indicators on aggregate point at depreciation of the pair on 1H outlook indicating that the pair will continue to move towards pattern's support band. Short traders should focus on the daily pivot at 95.795. If this level is breached, next target could be at the pattern's support at 95.645.
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