EUR/USD Building Another Head And Shoulder Formation?

The EURUSD created a head and shoulder formation at the high (see shaded area) and finished that formation in text book fashion.

Now looking further out another Head and Shoulders is forming with a neckline at the 1.3803 level.  I personally do not put a lot of stock in the formation (I have seen many form and not complete), however, it is certainly worth noting - especially on the completion of the most recent formation.  KEEP IT IN MIND.  The market will take note.

Meanwhile, a wedge is forming with a trendline at the 1.3935 level. The level was tested on the move down and has rebounded.  A break would bring into focus a move lower toward 1.3857  (lows form Tuesday) and that low from Monday at the 1.3805 level.  The 100 hour MA above at the 1.3989 level will be eyed above.  The market has been above and below this key moving average today indicating a non trend like desire (the wedge forming says the same thing).    We will be watching the retracement to see if the market wants to test and move away from the level.  Price below is bearish for the intermediate bias.

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