The pair is about to complete forming a head and shoulders’ pattern, its confirmation level is located at 0.7145, and breaking this level will activate the negative effect of the pattern.
This formation’s targets located at 0.6945 then 0.6820, and the risk limit for this position is above 0.7260.
The exponential moving averages 50 and 100 form negative pressure that supports the expected decline.
Stochastic heads downwards, and MACD is waiting to confirm a negative overlapping signal on the four hours time frame.