On the technical terms the pair seems to be favored to break to the downside. It must be noted that the neckline of the H & S was broken a few weeks back and retested as well, however the crucial support that lies just beneath the neckline also needs to break in order for this pair to trend down. So this said, the main driver of this pair according to my own view rests on in the hand of the FED as the expectations of rate hike four times this year seems to be in the balance. Fundamental factors have been so important in driving this pair in recent years, and if the FED keeps on track to raise rates 4 times this year then the pair is highly likely to break to the downside, in other turn of events should the FED fail to raise the rates as expected this year then the pair might break the and head up!
The long term fate of this pair is tied up in the hands of the FED as we approach the end of the year it must be noted to carefully observe what the FED plans and from here on then a follow up can be done. For now the pair will likely to keep ranging until certain fundamental factors come in to play!
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