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On the weekly chart, the EUR/USD pair is demonstrating a Head and Shoulders pattern where the right shoulder is currently in progress.
The price level of 1.1500 offered temporary bullish recovery towards 1.1830. The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, a descending high was established around 1.1800.
For the bearish side of the market to be dominant, the pair needs quick bearish decline below 1.1500. Otherwise, the bearish scenario would be hindered for the short-term.
The resulting candlestick of the previous week is obviously bearish "Shooting-Star candlestick". This enhances the bearish side of the market for this week's consolidations.
For the weekly Head & Shoulders reversal pattern to be confirmed, the EUR/USD pair needs obvious bearish persistence below 1.1400.
The price zone of 1.1420 stands as a prominent demand zone to be watched for bullish rejection and possible bullish pullbacks.
The EUR/USD pair is currently trapped between the depicted technical levels (1.1750 - 1.1500). Breakout movement should be anticipated.
Bearish breakdown of 1.1520 will probably allow further bearish decline towards 1.1420. Next bearish target would be located around 1.1275.
For the major reversal pattern to be confirmed, bearish breakdown below 1.1275 is necessary to gain enough bearish momentum.
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