Looking at the daily chart
, we can see that the head and shoulders
pattern is still in play. I spotted a downward channel
forming, which suggest that we should see a move downward soon. Further confirmation comes at the hand of the major sell off tail we see on the daily chart
. Clearly we see some aggressive sellers in the market and they are making the price stay true to the downward channel's upper trend line
. Looking for price to rebound around the 1.1450 area. A reversal may be appropriate in this area, but only time will tell.