Euro futures completed a head and shoulders with an extended right shoulder by breaking out through the neckline (red on chart), which was at VWAP of a megaphone that started forming in late January.

A breakout through the megaphone bottom means the H&S breakout was good. A breakout upwards through the head and shoulders neckline means a retrace to at least the megaphone VWAP at roughly 9400. If ...