Is that the right shoulder or not?
The intraday reversal in the euro continues with EUR/USD now up 33 pips on the day to 1.1801. A close above the big figure also traces out a bullish outside day.
That's great, but the bulls aren't going to celebrate until 1.1880 is taken out. That's the top of the right shoulder in what looks like a head-and-shoulders top.
The neckline is at 1.1670,. The pattern is likely cause a breakdown or be erased right around the time of the ECB decision next week.
The measured target of the pattern is about 1.1300.
