Possible Pullback Pattern Pending

While the retail market closed for the holiday around .8825, interbank trade brought the pair up near session highs at .8850-60

It's very likely we'll get stopped on the open today, in which case there are some very attractive short entry areas to watch for.

On a H6 chart, the medium-term Triangle/H&S pattern has it's neckline at ~.8970. This is the bottom of the range of interest. Above there, a 144EMA rests at .9040 and further up lies the top of the bear channel at .9060. If a fib range is calculated from the last downswing, this .8960/9060 range intersects the 50% & 61.8% retracement lines.

Most likely scenario, I think, is that the bearish bias holds but the unknown variable is how deep a retracement we'll see.

Keep in mind, long term trends can take long term 'breathers,' and that trend is still up-up-up since March. It's possible at any minute that the bulls will stampede the forest, sending the bears back to hibernation.