Possible head and shoulders forming

For a long time I've been Bear-biased on EURUSD, but it seems that we might just have a head and shoulder forming within the triangle.

Possible trading options would be to buy low @ 1.16500 or sell high @ 1.19000. Both require patience and a good entry point.

For the buy:
TP1: 1.17600
TP2: 1.19500
SL: 1.15700

For the sell:
TP1: 1.17600
TP2: 1.15000
SL: 1.19500

Comment:

Scenario #!:
Small movement, short term, ranging downwards.

Comment:

Scenario #2:
Large movement, long term, completion of overall head and shoulders pattern.

Comment:

Either way, I believe we can expect price action towards 1.17600.

NFP day tomorrow might just catalyze the whole process.

Comment:

38.2 Fibo line not broken. Scenario #1 more possible

Comment:

1.17660 reached. Bearish movement inbound if the market plays along.

Comment:

Bearish movement confirmed.

Comment:

Nice quick 40 pip downwards move from EURUSD. Looks like the currency is right on track for the head and shoulders. Next-up; Draghi speaks.

Comment:

Very decent 100 pip move down to the support level.

Comment:

Price currently testing old support/new resistance,
Two possible scenarios to follow:

Trade active:

Trade closed: target reached:

First target reached! Confirmation of first shoulder.