Double Head and Shoulders Short in EUR/USD?

It looks like the EUR/USD has broken a smaller head and shoulders topping pattern that began in August of 2018. This smaller head and shoulders top appears to be a failed rally attempt from a prior and much larger head and shoulders pattern that started all the way back in July of 2017. In the short run, this break seems to project a decent chance of dropping to 1.13 and into the mid to high 1.12 range (to the neckline of the previous head and shoulders pattern). If this breaks below the larger trend line, watch out below!

I can't imagine I am the only one seeing this. Please let me know thoughts and other perspectives if I am missing something.

Commentaire:

To be clear, I am currently short EUR/USD from approx 1.17 and planning to add to my short position following a decisive break and close below the neck of the head and shoulders pattern.

Transaction en cours:

As expected, we experienced a solid break below the smaller head and shoulders! There appears to be a fairly clear path down to the high 112.8-113.0 range before this shows signs of pausing. I would be inclined to take some profits in that range. I then expect a pause or bounce starting in that range and would view this as an opportunity to ultimately add to a short position in anticipation of a retest of the 112.80-113.0 range with a fairly large drop thereafter if we get a solid break of the larger head and shoulders.