From the daily chart perspective the pair is in a potential reversal zone. The black trend line is holding for now. If we see a bearish engulfing on a daily chart today, the next week could be very bearish.

The previous analysis is still possible, the pair just did a little higher head. A 4h close below 1.3230 could lead to a dip as far as 1.3165 zone (daily support 2 pivot). The final target (if H&S formation will form) is 1.3050 zone (in the next days).

Thnx to Tahir Khan from this post for the hint (daily trend line).

Best regards!