After the FOMC announced that it will completely end QE, USD gained across the board, and the EUR/USD fell sharply. In the 4H chart we can see that the dip broke below 2 flag patterns, signaling bearish continuation. The hold below the moving averages in the 4H chart also represent a bearish continuation scenario. Another way to look at it is that EUR/USD completed a head and shoulders pattern. Traditionally we are taught H&S patterns are at the end of rallies, but they can be spotted in bearish continuation situations. The head in this case represents a failed attempt to build a bullish trend – higher highs and ... (full story)