EUR/USD Price Analysis: Teasing head-and-shoulders breakdown

• EUR/USD has charted a bearish reversal pattern on the daily chart. 
• A close below 1.1770 would confirm the trend change. 

EUR/USD is trading near the head-and-shoulders (H&S) neckline support of 1.1770 at press time. 

A close below the support line would confirm H&S breakdown or a bullish-to-bearish trend change and open the doors for 1.1530 (target as per the measured move method). 

The pair has already dived out of a trendline rising from May 14 and July 10 lows. The bullish trendline's downside break is backed by a below-50 or bearish reading on the 14-day relative strength index. 

As such, a  head-and-shoulders breakdown looks likely. The bias would turn bullish if the pair rises above 1.1918 (Sept. 10 high). 

Daily chart

Trend: Bearish

Technical levels