EUR/USD - Possible inv. head and shoulder set up

FX:EURUSD   Euro / U.S. Dollar
Hourly chart shows the pair could form an inverse head and shoulder formation.

European Central Bank (ECB) is widely expected to keep key policy tools unchanged. Draghi is likely to state readiness to do more, but reiterate he does not see an immediate need to cut rates further.

Hence, the rate decision and press conference are likely to be dead event.

Staff inflation projections are likely to be revised higher, courtesy of higher oil             prices. But, that appears to have been priced-in by markets. (move from 1.11 to 1.1220.

Further gains look likely only if Draghi pushes hawkish button hard. Otherwise, the spot could move back to around 1.1150 before rising again towards inverse head and shoulder neckline level of 1.1224
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