When I first published this analysis at the beginning of the month, price was at 1.2449, then it dropped to 1.2070, that is about 380 pips before movig up to restest the neck level of the Head & Shoulders
pattern. Since price has clearly been rejected, I think it might drop
further. Sell stop around 1.2070 could be good as one waits for price to confirm its down trend.