EURUSD Forecast
The EURUSD was indecisive yesterday. The bias is neutral in nearest term. From an hourly chart perspective as you can see on my H1 chart below, we have a potential head and shoulders pattern in the making after the bullish run from 1.2214. We need to wait for a breakout below the neckline support located around 1.2350 region to confirm the H&S bearish scenario testing 1.2300 or lower. Immediate resistance is seen around the right shoulder of the H&S formation located at 1.2380. A clear break above that area would invalidate the H&S scenario testing 1.2420 or higher. My major outlook remains bullish, but as long as stay below 1.2537 price is still in a consolidation phase.

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