EUR/USD Price Analysis: Forming head-and-shoulders pattern on 1H chart?

• EUR/USD looks to be forming a head-and-shoulders pattern on the hourly chart. 
• A move below1.1695 would confirm a breakdown. 

EUR/USD’s bounce from Monday’s low of 1.1696 looks to have run out of steam above 1.1760 in the last few hours. If the currency pair falls back to sub-1.17 levels, a head-and-shoulders pattern would be formed on the hourly chart. 

Acceptance under the neckline support at 1.1695 would imply bearish reversal on the hourly chart and open the doors for 1.1481 (target as per the measured move method). 

On the higher side, Monday’s high of 1.1797 is key resistance, A move above that level would validate the dip demand near 1.17 and restore the immediate bullish view, possibly leading to a re-test of Friday’s high of 1.1909. 

Hourly chart

Trend: Bearish below 1.1695

Technical levels