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The pattern started when the pair rebounded from 0.9608; currently it is trading at pattern's support at 0.9374; gap between pattern's support and resistance narrows by 30 pips in 100 bar period. The RSI on 4H horizon send buy signal suggesting that pair might bounce from pattern's support or we might see a pullback if pair breaches it. The SWFX market sentiment is bullish as 74% of traders hold long positions expecting pairs further appreciation. In addition, in the range of 200 pips from current market price 65% of all pending orders are to buy. Long traders could focus on daily pivot (PP)/20 bar SMA/Fibonacci retracement (38.2% of move since 5th of September) at 0.9376/80, daily pivot (R1) at 0.9397, Bollinger's band at 0.9410, and daily pivot (R2)/Fibonacci retracement (50%) at 0.9419/24.
Short traders, who think that this pattern might be only bullish correction and pair will resume depreciating again, could focus on daily pivot (S1) at 0.354, Bollinger's band at 0.9347 and recent low (12th of October)/daily pivot (S2)/Fibonacci retracement (23.6%) at 0.9333/26.
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