There is a large Head and Shoulders pattern on the Monthly time frame however price bounced against 1.2000 pivotal support. This means that we may see a substantial retracement, potentially to the next pivot at 1.4000. There is a Bullish Fib ABCD swing with a super shallow retracement (0.236 Fib Level). Price is now converging with the Fib 1.27 Extension acting as natural resistance which incidentally forms a confluence with a pivotal/psychological level at 1.2500. I expect a retracement and after price retraced then I shall look for a Buy Trade.