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The pattern started when pair rebounded from near SMA200 level at 0.9718 and after testing support levels at 0.9869 and 0.9581 it has slowed down at 0.975 where the pair is currently trading. Indicators on aggregate do not suggest any clear emerging trends on 1H and 4H time horizons and the current market sentiment is almost equally divided between bulls and bears. However, the Stochastic indicator strongly points at possible bull market outbreak in 1D horizon. Long traders could focus on the resistance level at SMA200 level at 0.9759. If this level will be breached, next target could be at a daily resistance level at 0.9806.
Indicators on the 1D time horizon strongly suggest bear market outbreak. Short traders could focus on the support level at 0.9671. If the pair breaches this level, next possible target is at 0.9627.
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