The pair moved away from the highs
Our pair is heading down, after updating 2-year highs. At the moment it looks like the pair is drawing a "head and shoulders" figure on the chart.
Price has broken the mid-term trend line from above and rushed to the next support level at 1.3990. In case of fixing the price under this level of support, it will turn into a resistance level. And then we are considering a reversal and the formation of a downtrend. Otherwise, if the price does not overcome this level, then we expect the formation of an equidistant "channel" with the upper boundary of the previous line of the uptrend.
Price has broken the mid-term trend line from above and rushed to the next support level at 1.3990. In case of fixing the price under this level of support, it will turn into a resistance level. And then we are considering a reversal and the formation of a downtrend. Otherwise, if the price does not overcome this level, then we expect the formation of an equidistant "channel" with the upper boundary of the previous line of the uptrend.
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