Bulls eye higher highs in the 1.05 area

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  • EUR/USD H1 W-formation has seen a correction into the 50% mean reversion area.
  • The bulls are in control on the front side of the trendline support.

 As per the prior analysis, EUR/USD Price Analysis: Bears move in and eye a break towards key 1.0300 support, whereby an inverse head & shoulders was identified on the daily chart, the price has rallied into the 1.05 area as follows:

EUR/USD prior analysis

It was stated that an inverse head & shoulders could be in the making at this juncture. ”Bullish commitments around 1.0300/50 would be forming the right-hand shoulder of the bullish pattern.”

Update:

EUR/USD H1 charts

At this juncture, the W-formation has seen a correction into the 50% mean reversion area and support. The bulls are in control on the front side of the trendline support and eye higher highs before the week is out.