Well, the pattern has still not been invalidated. As you can see from the attached chart, the right shoulder is still lower than the head. It is also below the 200sma. This indicates to me that we are still in a downtrend (bearish) on the daily time frame. It will be interesting to see what happens when price gets closer to the 200sma! What happens could determine the direction of the pair for several months, if not the rest of the year.