FX:EURUSD   Euro / U.S. Dollar
383 2 2
The Long term outlook is Long since the inverse H&S pattern is quite a strong one: the support held and the price action is now near the highs. However a failed H&S pattern is still possible as the RSI is showing a bearish divergence.

Things look for in order to remain bullish:
1. A weekly close above the downtrend line coming down from 2010
2. Remaining above EMA8 (both on weekly and daily chart ) which shows an ongoing upward momentum

For trading EURUSD             short on smaller timeframes (good reward to risk ratios), the current price could be shorted given price is not above the 61.8% retracement of prior weeks candleline. A solid short term signal would come from a close below the upward trendline followed by a close below the support line. In such a case, a failed H&S pattern could be as good as the current H&S pattern.
The uptrend line held during last week & the downtrend line may be tested once again.
The sum of the range in last two weekly bars closed as a bearish engulfing to the prior bars, however it is now at what trend-following traders consider 'buying the dips', near the trendline. This week will be interesting to see if price action shall remain above the trendline or close below it.
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