EUR/USD Weekly Summary- Aug 29

The EUR/USD bearish pressure was paused this week. On h4 chart below we can see that price is now testing the upper line of the bearish channel. Violation to the upside of the bearish channel could be a serious threat to the bearish outlook but I still believe that only a movement above the right shoulder of the "head and shoulders" formation around 1.2930 will cancel my bearish technical outlook. We also have a rising wedge formation inside the bearish channel. A break below the rising wedge confirms the bearish continuation targeting 1.2523 - 1.2470 region.