The H&S pattern looks more likely to form as the price has just bounced off the neckline, as the RSI showed oversold values. The price looks like it is going to make its way up before bouncing off the resistance level, if the price is able to do this then the H&S pattern looks like a strong bear signal for this pair. If the H&S pattern does form we could see this price sink as low as 1.0808. I would keep everyone up to date on this pair over the coming weeks.