EUR/USD Price Analysis: Bulls target a 61.8% Fibo confluence
|- EUR/USD bulls step in and target a retest of the M-formation's neckline.
- Hourly H&S may also be in play for the bullish conviction.
As per the prior analysis, EUR/USD Price Analysis: Bears need to consider the daily M-formation, the M-formation is in focus.
Prior analysis, daily chart
There is now a high probability that the price will continue to melt and make for a daily downside extension towards 1.1805/12 as follows:''
Live market analysis
While the target area was achieved, there was always the risk of the price stalling along the way and returning back for a premature test of the prior lows and support due to the M-formation.
An M-formation has a high completion rate in attracting the price back to the neckline of the formation.
From an hourly perspective, the bulls can therefor target a confluence of the area with the 61.8% Fibonacci retracement of the prior daily bearish iumpusle, as follows:
In addition to the M-formation on the daily chart, it is worth noting the bullish Reverse Head & Shoulders on the hourly chart.
Could the formation be a bottoming of the hourly bear trend?
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