Light adds that prices were beaten back below resistance pretty quickly, forming a bearish pin-bar candle and that a false breakout like this signals that the pair could be ready to go back into its trading range.

He says a break and close below 1.3300 would confirm that a small head and shoulders reversal is in place and would trigger his short entry. Light is placing his stops on the trade above the second shoulder at 1.3360 with profit targets coming in at the bottom of the daily range at 1.3100