EURAUD Head And Shoulder Chart Pattern

Head and shoulder chart pattern spotted and if this play out retracement could be a case. Aussie is doing fine against king buck AUDUSD as well I assume the last time RBA cut the rate was fully priced in so Aussie seems to have demand rather than supply against many pairs on today's overall session. Price breaking lower the weekly pivot point (Blue), price falling inside the channel and price retracing below 38.20% Fibonacci retracement should make valid this head and shoulder!

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Price trying best to breach the pivot level (blue) and inside channel