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The euro currency continues its consolidation as price action was somewhat flat into Friday’s close.

However, the intraday gains to highs near 1.0895 and the subsequent decline could mark the right shoulder of the head and shoulders pattern forming.

The neckline support at 1.0792 remains in play for the moment.

A breakout below this level will, however, validate the bearish pattern.

The initial downside target is at 1.0736 followed by 1.0702.

But, if price fails to breakdown lower, expect the consolidation below 1.1000 to continue.

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