EURUSD Head & Shoulders BreakDown

FX:EURUSD   Euro / U.S. Dollar
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With the recent development on daily chart on EURUSD             , This pair broke head & shoulders with the support level coming in at 1.0800 , which should be resistance now. So with that said as long as the market trades below 1.0800 downside risk is much more evident targeting the next significant support level 1.0500.
Only a break above 1.0800 and sustained close above that will turn the bias to the upside, until then the risk is said to be on the downside.
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