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The pattern started when the pair started depreciating from 1.0435. Currently the pair is trading at 1.0230. Technical indicators on aggregate point at augmentation of the pair on 4H and 1W horizons suggesting that pair will be appreciating in short and long term, but we might see a pullback in medium term. The SWFX market sentiment is bullish as 56% of traders hold long positions on the pair. Long traders should focus on daily pivot (R1)/Fibonacci (50% of move since 23rd of August) at 1.0235/45, daily pivot (R2)/Fibonacci (38.2% of move since 7th of August) at 1.0265 and Fibonacci (61.8% of move since 23rd of August)/daily pivot (R3) at 1.0290/92.
Technical indicators on aggregate point at depreciation of the pair on 1D outlook. In addition, 55% of all pending orders in the range of 100 pips from current market price are sell orders. Short traders should focus on daily pivot (PP)/Fibonacci (38.2% of move since 23rd of August ) at 1.0208/01, pattern's resistance/daily pivot (S1)/Fibonacci (23.6% of move since 7th of August) at 1.0187/78, daily pivot (S2)/Fibonacci (23.6% of move since23rd of August) at 1.0151/46, daily pivot (S3) at 1.0122, pattern's higher bottom at 1.008 and pattern's lower bottom at 1.0056.
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