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The pattern started when the pair bounced from 1.0101; currently it is trading at 1.0220. The Stochastic indicator on 1D and technical indicators on aggregate on 1W outlook point at appreciation of the pair suggesting that the pair will bounce from pattern's support. In addition, the SWFX market sentiment is bullish as 72% of traders hold long positions on the pair and 57% of pending orders on the pair are to buy. Long traders could focus on daily pivot (PP) 1.0228, daily pivot (R1)/20 bar SMA at 1.0260/73, daily pivot (R2) at 1.0289 and daily pivot at 1.0321.
Technical indicators on 4H time horizon send a sell signal suggesting that pair might attempt to breach pattern's support once again. Short traders could focus on pattern's support/daily pivot (S1) at 1.0206/199, recent low at 1.0182, daily pivot (S2) at 1.0167 and Bollinger's band/daily pivot (S3) at 1.0149/39.
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