© Dukascopy bank SA
The pattern started when the pair rebounded from 1.0253 and slowed down at 1.0320 after testing pattern's support band at 1.0203 and 1.0236. Technical indicators on aggregate do not suggest any clear emerging rends in the near future. Long traders who expect that the pair will try to breach July's high can set the first target at 1.0326. If this level is breached next target would be at July high at 1.0330 and May high at 1.0356.
The SWFX market sentiment is slightly in favor for the bears with 55% of the traders anticipating depreciation of the pair. Short traders could set the first target around 1.0317. If this level is breached, next targets might be at the 18th of July plunge at 1.0288 and at pattern's support band at 1.0265.
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