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The pattern started when pair bounced from 0.7949 and fluctuated around SMA200. After testing resistance levels at 0.8101 and 0.8139, it has slowed down at 0.78095 where the pair is currently trading. Aggregate indicators do not suggest clear emerging patterns at any of the time horizons. Long traders could focus on the resistance level at 0.8108. If this level is breached, next targets could be at a daily resistance level at 0.8127 and recent high at 0.8139.
The Stochastic indicator on the 1W outlook points at a bearish market outbreak. Moreover, current market sentiment is around 60% in favor for bears as well. Short traders could focus on the daily support level at 0.8088. If the pair breaches this level, next possible target could be at 0.8077.
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