Zink asked me if a Shoulder/Head/Shoulder top was apparent in this cross. As can be seen on the 4 hourly chart a possible S/H/S top could be in place, but the question is more whether, this will cause a major decline or just be cause a "minor" correction before the next impulsive rally higher. I prefer the later. I will be looking for a decline towards 1.7746 before the next rally higher.
However the decline from 1.8825 isn't the best looking in regards to being impulsive and a ending diagonal could be developing and if this is the case we should not see a move below 1.7865 before the next impulsive rally higher. However, for now we should be looking for more downside pressure.
