Analysis of the EUR/USD price: Bull's eye with a breach of 1.10

The bulls are attempting to maintain the lead side of the hourly micro trend that has been developing since the late New York trade on Wednesday, and EUR/USD was trading 0.05% higher at $1.0986 in the first half hour of trading in Tokyo. 

Bulls in the EUR/USD pair are holding onto the bid and aiming for a break of 1.1000; they are encouraged by the bullish micro trend. 

The scenario examples below are for the upcoming meeting on Thursday. 

H1 chart of EUR/USD

The EUR/USD has risen and retraced to a Fibonacci 61.8% area.

The W-formation is a reversion pattern, but if the market doesn't strictly move sideways, there are a few choices moving forward. The market will either: 1) break out; 2) pull back and break out; or 3) fail on the upside and reverse: