Looking at this pair, it has been bullish for a while now. It then formed a head and shoulders as highlighted in the image. This pattern suggested a bearish move. The market respected the pattern and thus bears were in control, market made a retracement from the 27th of November(1.159...). It had a 5 day and more bullish move. A double top presented itself on the 1.16630 resistance area. This suggests bearish momentum.