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The pattern started when the pair rebounded from 1.0447 and slowed down at 1.0193 after testing pattern's support band at 1.0160 and 1.0101. Technical indicators on aggregate point at a bullish market development on the 4H outlook. Long traders who expect that the pair will continue to appreciate after todays trade balance announcements could focus on today's peek at 1.0232. If the pair breaches this level next targets could be set at SMA200 around 1.0251, weekly resistance at 1.0282 (Fibonacci) and pattern's resistance band at 1.0312.
The Stochastic indicator on 1D outlook points at a possible depreciation of the pair. Short traders could focus on 10th of July plunge at 1.0166. If this level is breached, next targets could be set at 6th of July low at 1.0141 and the recent pattern's support band test level at 1.0101.
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