The price of parity is heading down after reaching the resistance level at 1.3130. At this moment the price is testing 50.0 Fibonacci retracement level. As long as it stays above it, we will watch a retracement to the previous top.
In the case of the downside movement, 61.9 Fibonacci retracement level at 1.3000 will be tested as next. Then, if the price falls further toward the lower band of the formation, head & shoulders formation will be formed.
In the case of the downside movement, 61.9 Fibonacci retracement level at 1.3000 will be tested as next. Then, if the price falls further toward the lower band of the formation, head & shoulders formation will be formed.