The euro has been tapping on the top of its orange falling megaphone.
It’ll either break out or, more likely, form a triangle between that top and the bottom of its potential price channel (gray, h/t Bullethead).
If it breaks out through the orange falling megaphone top without breaking the channel bottom, it will be in the channel critical decision wave. This is where the channel either starts forming a top or sets up a breakout into a melt-up channel.
The target upon breakout from the orange falling megaphone is the level of the highest touch on the top of the formation.
A triangle here between the falling megaphone top and gray price channel bottom would be a triangle right shoulder on an inverse head and shoulders. With a triangle right shoulder, odds would be very high for an upward breakout into the melt-up scenario.