Formation on daily chart - head and shoulder breakout
- Pair's exhaustion near head and shoulder neckline resistance yesterday and today followed by a day end closing below 0.7633 (38.2% of Aug 2013 high-Nov 2015 low) would open doors for a further drop to 0.7526 (Feb 3 low).
- Oversold RSI on the hourly timeframe could lead to a short-term loss of momentum and sideways action.
- Bearish invalidations is seen only if prices see a day end closing above head and shoulder neckline resistance.
