EUR/USD H1 W-formation has seen a correction into the 50% mean reversion area.The bulls are in control on the front side of the trendline support.
As per the prior analysis, EUR/USD Price Analysis: Bears move in and eye a break towards key 1.0300 support, whereby an inverse head & shoulders was identified on the daily chart, the price has rallied into the 1.05 area as follows:
EUR/USD prior analysis
It was stated that an inverse head & shoulders could be in the making at this juncture. ”Bullish commitments around 1.0300/50 would be forming the right-hand shoulder of the bullish pattern.”
EUR/USD H1 charts
At this juncture, the W-formation has seen a correction into the 50% mean reversion area and support. The bulls are in control on the front side of the trendline support and eye higher highs before the week is out.
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