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The pattern started when the pair rebounded from 1.560 and after testing support levels at around 1.5403 and 1.5538 it has slowed down at 1.5618 where the pair is currently trading. The SWFX market sentiment is almost equally divided between bears and bulls. Technical indicators on aggregate point at a possible bullish market outbreak on the 1D outlook. Long traders could focus on the SMA200 at 1.5643 which was tested few times recently. If this level is breached, next targets could be at the daily resistance levels at 1.5668 and 1.5702.
Technical indicators on aggregate point at a bear market outbreak on the 1H time horizon. Short traders could focus on the daily support level at 1.5582. If the pair breaches this level, next possible targets could be at pattern resistance at around 1.5562 and at the rent low at 1.5538.
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