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The pattern started when the peaked to 103.868; currently it is trading at 101.678. Pattern's support and resistance are set to intersect on 5th of November, 04:00 GMT, at 101.18. Technical indicators on aggregate point at appreciation of the pair on 1D and 1W horizons. The SWFX market sentiment is bullish as 52% of traders hold long positions on the pair. Long traders could focus on Bollinger band/daily pivot (R1)/Fibonacci retracement (23.6% of 5th to 11th of October move ) at 101.96/102.06, pattern's resistance at 102.37, daily pivot (R2)/5th of October high at 102.66/81 and daily pivot (R3)/pattern's high at 103.60/86.
The Stochastic indicator sends a sell signal on 4H horizon. 60% of all pending orders in 200 pips from current market price are to sell. Short traders could focus on Fibonacci retracement (38.2%) at 101.60, Fibonacci retracement (50%)/daily pivot (PP)/20 bar SMA at 101.23/05. Fibonacci retracement (61.8%) at 100.86, 200 bar SMA/daily pivot (S1)/pattern's resistance at 100.61/47 and 11th of October low/Bollinger band at 100.16/13.
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