FX:EURUSD   Euro / U.S. Dollar
EURUSD Short pending breakout.

We currently have a bearish pennant pattern on EURUSD . This is normally a continuation pattern and often appears halfway through a sharp move. Because of the sharp move preceding the pennant , the combination is often called a flagpole. This allows a target to be achieved by measuring the distance traveled to the pennant and then projecting this down from the breakout point.