We talked about consolidation of the pair within the price range 1.2970 -1.3240 and the importance of breakout off this zone for the liberation of the pair which already took place on May 10. However, the EUR/USD pair is still trapped in a larger consolidation range between 1.2745 (2013 low) the 1.3240 (April high).
Despite the intraday positivity and failure to consolidate below the key ascending trendline around 1.2835, the pair is still failing to fixate above 1.2980-1.3000, we need to see the EUR/USD pair stable below this up-trendline in order to pursue the bearish momentum.
The "Double-Top" pattern on the daily chart is still valid after breakdown of support zone around 1.2970 which has its final target at 1.2680.
Looking at the 4H chart, the EUR/USD pair is trading within a triangle pattern. Hence, we should look for a breakout opportunity to either sides.
Breakthrough of the upper limit 1.2980-1.3000 (confluence of supply zones) will activate the bullish breakout scenario opening up the way towards 1.3150 then 1.3190 (May 8).
Breakdown of 1.2850-1.2800 (uptrendline and the lower limit of the current triangle) will resume the bearish scenario mentioned above with the daily double top towards 1.2680.