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On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
On September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
On October 10, Recent bearish decline below 1.1520 found its way towards the price level of 1.1420 where temporary bullish pressure was pushing the EUR/USD pair above 1.1520. Hence, a descending High was established around 1.1600.
However, By the end of last week's consolidations, recent bullish recovery was demonstrated around 1.1307 leading to Another bullish breakout above 1.1400.
This enhanced the bullish side of the market towards 1.1500 where early signs of bearish rejection were demonstrated.
Currently, as for the bearish side of the market to regain dominance, the EUR/USD pair should continue trading below the price level of 1.1400.
Initial bearish targets are located around 1.1275 and 1.1100 if sufficient bearish pressure is demonstrated.
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