Euro Head Fake now very close to a major test

As mentioned last night and this morning, although my trend lines are horrible, a bear pennant formed in the Euro for the second day, yesterday it had a head fake breakout that failed and today it had the same. Now the Euro is a mere 45 pips from testing the important $1.30 level. Last week when I was looking at the probable breakout in the Euro after it had broken $1.30 on the downside, my thought was that it would bounce so all the long contracts at $1.30 could sell and reposition, so far the Euro has done as expected, broken out, the breakout has been a flop and distribution has been observed. So far so good. I see no reason it won't head to $1.30 and I think it s probable that it breaks $1.30 which has a significant impact on the market as this would be definitely bearish.

Once again, here is the bear pennant in red, the head fake false breakout and the failure which failed when the Euro crossed below the apex of the pennant at the black trendline.