EUR/USD broke out of a 4-day consolidation pattern earlier today. Whilst the direction was against bullish wishes, markets are now fully focused on the neckline of a 10-week reversal pattern. An inverted head and shoulders on the daily chart projects an approximate target near the May 2018 low. That is, of course, if it doesn’t break down in due course. As price action has developed, we’ve had to slightly modify the neckline, but a clear break of today’s low likely invalidates the reversal all together. We wouldn’t want to get short on that signal alone as the daily structure would become ambiguous, but it would be a ... (full story)