The downside scenario remains valid as long as the trades remain below the resistance 1.3325 … Stochastic is pointing to a negative cross within the oversold area which may be a sign that the price has gathered enough momentum to resume its support towards 1.3070 as the first target, Towards 1.2915 as a second target and then 1.2780 as a third target.
A rise and break of 1.3325 might be enough to disrupt the downside scenario and the upside-down head and shoulders pattern shown on the chart could be the next potential targets around 1.3435 as the first target, then 1.3550 as the second target and then 1.3660 as the third target.
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