Whether you think you are looking at a head-and-shoulders pattern or a rounded top in the doesn’t matter. What does matter was the 1.18000 level “neckline” rejection today. This was a 50% retracement at the 1.1810. The neckline is now an important resistance. While we trade below 1.1800 the risk is now heightened that we test 1.1600 (or below) in the coming weeks.