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.
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: