- The EUR/USD W formation on the H1 chart has seen a correction into the 50% mid reversal zone.
- The bulls are in control in front of the trend line support.
Based on the above analysis, EUR/USD Price Analysis: Bears Move and Eye a breaking off towards the key support of 1.0300, thus an inverse head-shoulder-shoulder pattern was identified on the daily chart. The price has recovered the 1.05 zone:
EUR/USD Prior Analysis
It has been suggested that a reverse head-shoulder-shoulder pattern could be forming at this juncture. “Bullish commitments around 1.0300/50 would be forming the right shoulder of the bullish pattern.”
Update:
EUR/USD H1 charts
At this juncture, the W formation has seen a correction in the 50% mean reversal zone and support. The bulls are in control in front of the trend line support and are looking for highs before the end of the week.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
