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The pattern started when the pair bounced from 1.0101 and after testing pattern's resistance at 1.0445 and 1.0543 the pair slowed down at 1.0522 where the pair currently trading. Technical indicators on aggregate point at appreciation of the pair on 1H and 1D outlooks, indicating that it is highly likely that the pair will try to reach new high and will continue to follow pattern's trend. Long traders could set the first target at 4 hour retracement level (Fibonacci) at 1.0531. If this level is breached next target could be at the recent pattern's resistance level test at 1.0543 and the pattern's resistance band at 1.0557.
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 and the pair will follow pattern's theoretical framework. Short traders could set the first target on 2nd of August plunge at 1.0471. If this level is breached, next targets could be set at the recent low at 1.0436 and SMA200 at around 1.0400 .
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