Euro/US Dollar

Here is a interesting chart. This is the ETF of the Euro vs the US dollar. It looks like the Euro has a head and shoulders pattern that broke on last Thur. If my measurements are right I have it going to 116 but I think there likely some support at 118 which would be a double bottom. But if you go out to a longer chart (second chart is a weekly chat) it looks like the Euro has been trading in a descending channel and the 116 that the head and shoulders is calling would touch the bottom end of the channel. This could be the catalyst to move the SPX down if we get a stronger dollar. Only a breach of the neck line would break down this pattern.