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The pattern started when the pair rebounded from 79.682 and after testing pattern's support and resistance band twice slowed down at 78.199. Pattern's support is at 78.121; pattern's resistance is at 78.314. Technical indicators on aggregate point at appreciation of the pair on the 1H time horizon indicating that it will continue to move towards pattern's resistance level. Long traders could set the first target at the SMA200 level at 78.2510. If this level is breached next target could be at the pattern's resistance level at 78.314.
Technical indicators on aggregate point at depreciation of the pair on 4H outlook indicating that the pair most likely will rebound from pattern's resistance. Short traders should focus on the pattern's support at 78.121. If this level is breached, next target could be set at 27th of July low at 78.080 and 26th of July low at 78.0190.
Taking in mind current developments it is quite likely pattern will not break, but will convert to triple top or, if the pair will continue to narrow its price range, to triangle pattern.
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