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The pattern started when the pair rebounded from 0.9885; currently it is trading at 0.9791. Pattern's support is at 0.9740; pattern's resistance is at 0.9804. Technical indicators on aggregate point at appreciation of the pair on 1H, 4H and 1D horizons suggesting that pair might try to come back above 200 bar SMA value. The SWFX market sentiment is bullish as 72% of all positions on the pair are long. In addition, 52% of all pending orders on the pair are to buy. Long traders could focus on Fibonacci retracement (38.2% of move since 3rd of October), pattern's resistance at 0.9804, Bollinger band/200 bar SMA/Fibonacci retracement (50%) at 0.9807/9813, daily pivot (R1) at 0.9820, Fibonacci retracement (61.8%) at 0.98299 and daily pivot (R2) at 0.9846.
Short traders, who expect pair to remain range bound between pattern's support and resistance, could focus on 20bar SMA/daily pivot (PP) at 0.9784/82, Fibonacci retracement (23.6%) at 0.9774, Bollinger band/daily pivot (S1) at 0.9761/0.9757, pattern's support at 0.9740 and daily pivot (S2) at 0.9719.
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