The price has hit long term resistance at 0.9225 and penetrated but failed to hold above to retreat and close the week below it.
On the four-hour, the selloff has broken below the rising shown on chart and completed a top.
(This view is valid, unless some unexpected news come out during the weekend)
Trade with care
Having said that, true, I agree that technically we have broken down below the small (it should be noted that it's a small) H&S neckline, but I wouldn't go as far as say it's confirmed, at least not until the 2016-10-11 high at .9142 decisively is taken out. Also, from an Elliot Wave perspective, I can see 5 waves down (possibly with the 5th not fully completed) and would expect at least a 3 waves rally up from here testing the neckline. Other info that as well supports this is that we have Tuesday an EURGBP 0.9200 option expire of 1.3 billion and that's huge for this pair, as well as an EURUSD 1.2000 option expire of 1.5 billion.
Just things to take into consideration before jumping in short on this pair too early. We may eventually correct down to the .87 area but not certain we are there yet. It may turn here, or if the neckline test is successful we may see .9070, before we will have a new high.