We are waiting for a downtrend.

Since the beginning of the fall of stock indices the exchange rate for the reserve currency began to strengthen, and at this point the dollar index has grown more than a hundred points since the beginning of the week.

Today a Senate vote is to be held on the two-year budget agreement that will provide additional funding of $300 billion so that the government would not close down.

In the US today there will be speeches by members of the FOMC Kaplan, Harker and Kashkari, which can cause a surge of activity of investors and increase the volatility of the pair.

In the eurozone there will be a speech by members of the ECB Mersch and Prato, which would also not go unnoticed by traders.

Considering our schedule in terms of technical analysis, we can see a "double top" pattern on the 4-hour chart, which in turn can help our pair to test the next support level. In reviewing the daily chart pattern, it is more like the "head and shoulders" figure, which is a reversal pattern.

Because of this, we should consider the possibilities for entering short positions and look for the entry point at the "shoulder" at the mark of 1.23 and expect the pair to further test the price level of 1.2.