The break of well-defined trendline support last summer signaled an end to the EURUSD bull run that began in 2000. Close inspection of price pattern since the December 2004 high at 1.3666 reveals that a multi-year head and shoulders top could be unfolding. The rally from the October 2008 low would be the right shoulder. There is a tendency for head and shoulders patterns to show symmetry. A right shoulder then can be approximated by extending a line parallel to the neckline from the left shoulder (through the head). Doing so here projects 1.4835 this month. What's more, extend the line to the left and you'll see that the 1998 high is in its path. The market knows of this line, and its importance should be respected.
