The pair has been overbought for the past month rising to yearly highs of 1.0100. There was a clear reversal near that are with pair pair currently facing a downward trend.
We can see the pair forming the second leg of the daily M and a head and shoulders formation near its current trading price .
The only thing keeping the pair from a further drop is the weak US dollar index giving strength to save heavens as the Swiss frank.
If it breaks below the 0.382 fib level near 0.9985 then the doors for 0.99 and 0.9850 are open!
We can see the pair forming the second leg of the daily M and a head and shoulders formation near its current trading price .
The only thing keeping the pair from a further drop is the weak US dollar index giving strength to save heavens as the Swiss frank.
If it breaks below the 0.382 fib level near 0.9985 then the doors for 0.99 and 0.9850 are open!