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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).
Recently, the price level of 1.1500 offered temporary bullish recovery. Another 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 rejection is being demonstrated on the daily chart. Recent bearish movement is currently taking place below 1.1520 (the lower limit of the consolidation range).
As for the bearish side of the market to be dominant, the EUR/USD pair should be able to keep moving below 1.1520. First bearish target would be located around 1.1420.
Otherwise, the EUR/USD pair would remain trapped within the depicted consolidation range (1.1520-1.1750) if no strong bearish momentum is demonstrated below 1.1520.
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