EUR\USD Wedge + Head & Shoulders

The EUR\USD has recently broken a Ascending Wedge pattern in the hourly chart. The Wedge is a reversal pattern that usually leads to a bearish movement. After breakout, price has stopped (for the fourth time) on a Support level of 1.4620. This level is a strong and reliable level that was tested for several times. However, it is expected to break down as well.

The price seems to have created a dis-proportioned Head & Shoulders pattern which empowers the bearish bias and leads us to the conclusion that EUR\USD is heading to lower levels.

Trading: Wait for price to break the support level downwards, enter Short on the breakout or at pullback. Take profit is 220 pips.