We may have a head and shoulders pattern completing on the hourly chart at the highs. This could possibly break below the neckline at 1688 triggering a strong move lower, perhaps to around 1675 where it will meet support from both the weekly pivot and the 38.2% Fibonacci line. A move above 1694, however, would negate the bearish outlook, with 1722 then in focus.
Written by Forex4you