EURUSD: Head & Shoulders

FX:EURUSD   Euro / U.S. Dollar
Charts change. But as the days roll on, EURUSD looks to be forming a Head and Shoulders pattern. The descending neckline implies a fast drop to my first target, the 1.07 area, with a measured move down at 1.03.

The volume profile is inconclusive at this point.

Time is running out to mount a sustainable rally and overturn the bearish picture, and with EUR fundamentals overwhelmingly bearish , I can do little else but be short the EURUSD .

Resistance is firming at recent swing highs, at the 1.8 area, though it would take a solid close above the 1.2-1.21 area to negate bearishness.

The only midly bullish technical is the Stoch RSI bull div that provided the recent bounce from the 1.13 area - this pattern can generate a second rally, but this remains to be seen. Bearishness should be assumed for now.