After breaking below the neckline of the H&S pattern price continued to fall. It bounced back to 1.80, tested the level and went back down again. Pair is also making new lows. On the chart we don't see any support, so my guess is that it has to drop further. I am currently focusing on the levels that are marked with blue and with red line. Looking at the last 3-4 daily candles I see weakness of this pair, it is also unable to make any upward move. On smaller time frame we can see that it has formed a symmetrical triangle which looks more likely to be broken on the downside.
In my opinion, if the pair will break pass the supporting trend line then we will see a very long sell off. Potential target would be 1.7500. Pair currently trading at 1.78832. There is also possibility that highs at 1.795 will be taken out before moving down again.
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