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The pattern started when the pair bounced from pattern's support at 0.8150; currently it is trading at 20 bar SMA/daily pivot (PP) at 0.8171. Long traders, who expect pair to continue appreciate after bouncing from near pattern's support level and to breach pattern's resistance, could focus on pattern's resistance at 0.8183, Bollinger band/daily pivot (R1)/Fibonacci retracement (23.6% of move since 28th of September) at 0.8197/99, recent peak at 0.8207, 200 bar SMA at 0.8220 and Fibonacci retracement (38.2%)/daily pivot (R2) at 0.8233.
Technical indicators on aggregate point at depreciation of the pair on 4H and 1D time horizon. Market sentiment is bearish as 70% of traders hold short positions expecting it's depreciation. In addition, in 100 pip range from current market price 56% of pending orders are to sell. Short traders could focus on recent dip at 0.8154, patterns support/Bollinger band at 0.8150/48 and daily pivot (S1) at 0.8139.
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