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The pattern started when the pair rebounded from 0.7809 and after testing support levels at 0.7721 and 0.7915 it has slowed down at 0.799 where the pair is currently trading. Technical indicators on aggregate suggest a possible bullish market outbreak on 1H and 4H time horizons. Long traders could focus on a psychological level at 0.8. If this level is breached, next level of interest could be at a recent high at 0.8016.
The MACD points at a bearish market outbreak on 30M and 1H time horizons. The current market sentiment is around 60/40 in favor for the bears as well. Short traders could focus on the daily support level at 0.7978. If the pair breaches this level, next possible targets could be at 0.7955 and at SMA200 at around 0.795.
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