EUR/USD Price Analysis: Bulls eye a break of 1.10 the figure

EUR/USD bulls are sticking to the bid and eye a break of 1.1000.
1.0980s are support in the bullish micro trend.

Ross J Burland FXStreet

EUR/USD was trading 0.05% higher at $1.0986 in the Tokyo opening first half an hour as the bulls attempt to stay on the front side of the hourly micro trend that has been building since the late New York trade on Wednesday.

The following illustrates a few scenarios for the forthcoming session on Thursday.

EUR/USD H1 chart

EUR/USD has rallied and pulled back into a 61.8% Fibonacci retracement area:

The W-formation is a reversion pattern but there are a few options from here is the market doesn´t just move sideways. Either the market is going to 1) breakout, 2) pull back and breakout, or 3) fail on the upside and reverse:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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