#EURUSD @ 0.99054 bulls have moved in and there is a meanwhile focus on a correction.
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- EUR/USD bulls have moved in and there is a meanwhile focus on a correction.
- The bears, on the other hand, are seeking a break of the critical longer-term support structure.
As per the prior analysis from the start of the week, EUR/USD Price Analysis: Bulls eye a 50% mean reversion near 0.9950, the price moved into the key resistance but has subsequently fallen down to test a critical support structure again.
The following illustrates the bearish bias while below 0.9980:
As illustrated above, the price was creeping in on the gap and it had made a 38.2% Fibonacci retracement, but a fuller correction was to be expected prior to the next bearish impulse to the downside.
The bullish inverse head and shoulders were also a compelling feature on the hourly time frame:
As shown, the price followed the projections accordingly and now the focus is on the M-formation and critical support that could now act as resistance:
On the other hand, there are bullish structures that have formed on the lower timeframes. The following 15-min W-formations could result in some meanwhile demand in the coming sessions:
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