It's still forming the basing pattern after the 2018 drop . Today we arrived to an important again at 1.1514.
If you watch the chart carefully we have two pattern . The first one formed after the 2017 EURUSD rally (red) and the second one after the 2018 decline (blue).
I have a serious problem with the red one. First it looked like a continuation pattern . At the end of May 2018 we started to rally out of the pattern. The rally stopped and we tagged the magical 1.1514 again. Then a rally started again at the end of June and there was a serious chance that we are going to have a pattern. But the right shoulder didn't have enough time to build up correctly and the pattern broke down without a proper right shoulder. That was a problem
because right now it seems we have a false breakdown in the red pattern and it became the head of the blue .
Today we printed the second right shoulder of the inverted blue pattern and it seems we are ready to rally.
All we need to break above 1.18 and activate the blue inverted .
We are starting to have more overbought tag in the ... I think the bottom is behind us.