Here we have a Cypher
formation with Leg D in progress. What adds credence to the possibility of the pair cooling to 1.9870 (Leg D = 78.6%) is the bearish
divergence seen at point C.
invalidation is seen only if prices move above point C.
Check on the daily chart
, the pair overbought as per RSI
and we also see a failure to take out daily 200-MA