Inverted Head and Shoulders pattern on the EUR/USD 15 min

The inverted Head and Shoulders pattern is a bullish reversal formation that usually appear at a key support level. On the EUR/USD 15 minute chart we can see that during today’s session, the price dropped below Friday’s low and touched the 1.0800 level from where it bounces to the upside. Around the 1.0800 level we can see three troughs the form the Head and Shoulders pattern. The Neckline is the upper trendline that is broken to the upside, from there the bullish momentum accelerates and the price breaks above Friday’s low. Form the current levels, the price may continue rallying, but it may also dropped once again, trying to visit the 1.0800 which could act as support.