EURUSD: Where to next? Two likely scenarios in play

Currently EURUSD is likely to form and complete the inverse head and shoulders pattern. shall the pattern complete and the neckline break, we can expect the price to rise towards the next resistance. However the rally should be short lived, as the acceleration towards the 1.11700 should resume. The current probable inverse head and shoulders is likely just a consolidation up move.

On the other side, shall the pattern fail to complete, the ascending trendline break would likely come in play. shall this trendline break, we can expect the price to aim lower towards the next support. Refer to the main chart for a clear picture.