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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 (recent bearish engulfing weekly candlestick).
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.
Instead, evident bearish momentum was being demonstrated on the daily chart. On October 10, recent bearish decline below 1.1520 (the lower limit of the consolidation range) found its way towards the price level of 1.1420.
As for the bearish side of the market to remain dominant, the EUR/USD pair should keep trading below the price level of 1.1520.
However, This week, evident signs of bullish recovery were demonstrated around 1.1430 (Note the full-bullish candlestick of Yesterday). This brings the EUR/USD pair again above 1.1520.
Hence, the EUR/USD pair resumes its sideway consolidations inside the depicted consolidation range (1.1520-1.1750) until a bearish breakout occurs later.
The nearest supply level is located around 1.1670 (a potential bullish target).
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