The EUR/USD could fall to the 1.1800 level

The EUR/USD made a high at the 1.2100 level as shown on the daily chart and then consolidated for a while, but in the middle of the consolidation the price formed what it appears to be a head and shoulders pattern with the neckline close to the 1.1800 level. Around the 1.1800 level we can also see the 55 day EMA, which could act as support, but if the EUR/USD breaks that level to the downside, then the head and shoulders pattern would be confirmed and the pair could fall to the 1.1700 level. If the pair bounces to the upside from the 1.1800 level, then it could find some resistance on the 1.2000 level or the 1.2100 level.