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The pattern started when the pair rebounded from pattern's resistance at 1.2386 and after testing pattern's support band twice it slowed down at 1.2348 where the pair is currently trading. Pattern's support and resistance are set to intersect on 23rd of August, 08:00 GMT. Technical indicators on aggregate point at appreciation of the pair on 1H, 4H and 1D time horizons. Long traders could set the first target at the 17th of August peak at 1.2363. If this level is breached, next target could be at the pattern's resistance at 1.2386 and daily pivot at 1.2429.
The RSI on 4H time horizon sends a sell signal indicating that we might see a slight price correction towards SMA200. Short traders should focus on daily pivot (PP) at 1.2336. If this level is breached, next targets could be at the 200 day SMA at 1.2326 and daily pivot at 1.2289.
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