EUR/USD Price Analysis: Teasing inverse H&S breakout on the hourly chart

EUR/USD trades 0.11% higher on the day near 1.2058 at press time. 

The hourly chart shows the pair is hovering just above the neckline resistance of an inverse head-and-shoulders (H&S) pattern on the hourly chart. 

An hourly close above 1.2055 would confirm a bullish breakout and open the doors for at least a 100-pip rally to 1.2155. 

On the downside, 1.20 is the level to defend for the bulls, which, if breached, will likely yield a re-test of the recent low of 1.1952. 

Hourly chart

Trend: bullish

Technical levels