EURUSD: Short term Buy opportunity but still long term downtrend

EURUSD eventually broke its former Channel Up and formed the Head and Shoulders that we first talked about on our previous analysis:


Our first TP of 1.10650 is already hit and even though we remain bearish on the long term (1.0990 and 1.0890) we see a Lower Low forming on the current 4H Channel Down (RSI = 28.505, MACD = -0.002, ADX = 39.986, Highs/Lows = -0.0013) that can lead back towards the 1.10650 former Support and the 4H MA50, which is currently at 1.10880.

See also how the overall Head and Shoulders pattern is perfectly depicted on the RSI as well with a descending trend, clearly indicating bearish bias and the change of direction since the 1.1240 High.

P.S. Our long term view is intact as seen at the chart below:





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