EURAUD Head And Shoulder Chart Pattern

Head and shoulder chart pattern spotted and if this play out retracement could be some cases. Aussie is doing fine against 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), H&S chart pattern in action, falling inside the channel and price retracing below 38.20% Fibonacci retracement should make valid that head and shoulder in real action!