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The pattern started when the pair rebounded from pattern's resistance at 1.2914; currently it is trading at daily pivot (PP) at 1.2959. Technical indicators on aggregate point at appreciation of the pair on 1H and 1D horizons suggesting that pair will continue to follow pattern's, upward sloping trend. In 200 pips range from current market price all pending orders are to buy. Long traders could focus on Fibonacci retracement (61.8% of 5th to 11th of October move)/Bollinger band at 1.2978/82, recent peak/weekly pivot (R1) at 1.2988/92 and pattern's resistance/weekly pivot (R2) at 1.3025.
The Stochastic indicator on 4H time horizon sends sell signal suggesting that we might see a bearish correction in the near future or that pair should rebound from pattern's resistance once it reaches it. Short traders could focus on 200 bar SMA/20 bar SMA at 1.2942/38, Fibonacci retracement (38.2%)/daily pivot (S1)/pattern's support at 1.2920/19 and Bollinger band/recent dip/weekly pivot (S2) at 1.2893/86.
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