On July 12, we looked at this forex cross as it was sitting directly at the neckline of a 12-year S/H/S top. Exactly the next day, it broke nicely below the neckline support and closed the week well below the neckline support too. This means the S/H/S top now is activated for a decline towards the all-time low at 0.7070.
Short-term we could see a re-test of the broken neckline near 0.8768, but this time the neckline will act as resistance and should reject a test for more downside pressure towards the long-term target at 0.7070.
