EUR/USD Inverse Head and Shoulders Reversal

Some of you may have already spotted this pattern on the EUR/USD hourly, and a similar, inverse pattern on the USDX. The EUR/USD has been holding up well over the past few days and I expect Euro strength to continue as price rebounds from oversold territory. As you can see the pair has completed 5 waves up which is either a 1 or an A, and looks to have completed a correction - labeled as a B or 2. Look to get long with risk just beneath the recent low. The H&S target is 1.2730, or for a more conservative price target the Fibonacci price extension where wave A or 1 = wave 3 or C is at 1.26.
*** Friday US Session Update *** I am taking profit on this trade at 1.2555 because the move from the bottom at 1.2470 looks corrective so we will likely be moving below there before we push higher again if at all.