Meanwhile, the pair reached its highest position in several years near the 4.20 mark on Wednesday. As apparent on the chart, it likewise formed a pattern similar to head-and-shoulders. By mid-today, the US Dollar had fallen back down to the weekly R1 and the 100-hour circa 4.09.
It is likely that the rate declines even lower in line with the senior channel and therefore reaches its bottom line and the 200-hour at 4.04 early next week. The same momentum could push the pair considerably lower in the medium term away from the aforementioned yearly high.