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EURUSD The 4H MA200 is the key on the short-term

The pair is currently struggling at the 4H MA200 (orange trend-line). This level of Resistance has only broken once (October 28) since September 16 and on the short-term holds the key to the current trend as a break above it most likely confirms that EURUSD is repeating the tilted Inverted Head and Shoulders pattern of mid October which eventually topped on the (dotted) Higher Highs trend-line.

Target 1: 1.16650 on a potential contact with the 1D MA50 (red trend-line).
Target 2: 1.17100 (0.5 Fibonacci retracement level of 1.19100 and just below the Higher Highs trend-line).

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