At this point we can only speculate as to when and whether it will play out but there is no denying there is a massive head and shoulders forming with a neckline very near to the current Monthly S1 pivot @ 1.360. Looking at current market structure and price action I suspect there is a high probability chance we will test the neckline should we lose the 1.366 level of support. Currently the 200 Daily SMA @ 1.383 will act as resistance should price head back up.