The counter has topped out in the near-term charts.
It formed a significant high of 1.14800 and unable to hold on to the gains it slid down to the support of 1.13582.
It then made an effort to take down the previous high but a head and shoulder pattern has formed.
So, the entire structure could be attributed to lower high formation in the making.
The MACD indicator also confirms the set up by moving on the bearish terrain.
However, for now, we expect the pair the retreat to the support levels of 1.13582 and 1.13428.
It formed a significant high of 1.14800 and unable to hold on to the gains it slid down to the support of 1.13582.
It then made an effort to take down the previous high but a head and shoulder pattern has formed.
So, the entire structure could be attributed to lower high formation in the making.
The MACD indicator also confirms the set up by moving on the bearish terrain.
However, for now, we expect the pair the retreat to the support levels of 1.13582 and 1.13428.