We see a Head and Shoulders pattern is being formed on the H4 Chart. It will be completed with the breakout of 1.17200. We will keep an eye on this formation. If the pair breaks 1.17200 and completes the H&S, the targets will be 1.16500 and 1.15500. 1.17800 must be broken before 1.17200. 1.18600 is the main resistance. The pair needs to close above 1.18600 to find itself a strong upside momentum. Intraday Levels: Upside: 1.18100 , 1.18400, 1.18700 Downside: 1.17500, 1.17200, 1.16880. Conclusion: Price is looking for a midterm direction between 1.18600 – 1.17200. The direction of the breakout will determine the midterm price action.
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Monday, the price will test 1.17200 support. We will get a better idea of the midterm direction of the price.