EUR/USD Price Channel is in Critical Decision Wave – Top vs Break Out into Melt-Up
EUR/USD is in the critical decision wave of a price channel (red on chart).
It either pierces the top, puts in a partial pullback, then breaks out upwards into a melt-up (green scenario) or it starts a top here (purple scenario).
There are trading formations on the euro futures daily chart that target over 1.30, including a huge rising megaphone and a big inverse H&S.
Update: Here’s the inverse H&S (with a megaphone right shoulder, which would usually break out upwards, though not necessarily right now).
EUR/USD Inverse H&S with Megaphone Right Shoulder