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The pattern started when the pair dropped from 79.664 on 20th of August to 78.289 on 22nd of August; currently the pair is trading at 78.632. Pattern's resistance is at 78.820 and is set to intersect with pattern's support on 7th of September, 14:00 GMT. Technical indicators point at appreciation of the pair on 1D time horizon, suggesting that the pair should break the pattern upwards. The SWFX market sentiment shows that 73% or traders are holding long positions on the pair expecting recovery of the pair. Long traders could set their targets at daily pivot (PP) at 78.672, pattern's resistance at 78.820 and 27th of august peak/daily pivot (R1) at 78.848/55.
Technical indicators on aggregate point at depreciation of the pair on 1H time horizon suggesting that the pair will move towards pattern's support in the short term. Short traders should set their targets at Fibonacci retracement (38.2% of 22nd od August drop) at 78.622, daily pivot (S1)/pattern's support at 78.552 and Fibonacci retracement (23.6% of 22nd od August drop)/28th and 29th of August lows at 78.494/464.
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