The daily chart has produced a high, higher high and lower high on the daily chart. We can also see price breaking and closing below the neckline at 1.0870. This is a text book Head & Shoulders pattern so far.
Potentially, price could retest and reject the neckline for further shorts.
Price looks to be moving within a daily downtrend as shown by the subsequent lower highs and lower lows on the chart. Daily support sits at 1.6150 which was last tested and rejected several times over December 2023 and January 2024. If price continues on its trajectory, we could see support tested before the end of this new trading week.
