EURUSD: Elliott Waves and H&S Patterns Are Pointing Lower

EURUSD reversed higher three weeks back from around 1.2750 level, but recovery since early April still has a corrective look. With that said, we think that move is complex correction and that larger trend will continue lower, especially if we consider a five wave decline from 1.3700. If we are correct then current bullish leg should stop somewhere around current 1.3400 -1.3450 resistance area.

 On the weekly time frame we are also observing a huge head and shoulders pattern, now right shoulders at resistance.