Abstract：EUR/USD bulls moving in from daily support but bears eye hourly W-neckline.
EUR/USD has left a W-formation on the hourly chart as defined between the last bearish impulse to the lows, the correction that was followed by a subsequent drop only to rally again for a fresh corrective high.
This has left a neckline of the W-pattern on the hourly chart that would be expected to now act as support on a restest.
If this were to hold, then the bulls could be encouraged to pile in and drive the price higher. In doing so, the 50% mean reversion of the original bearish impulse that has a confluence with the old support structure that could be targetted for the foreseeable future, as illustrated as follows:
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
