EUR/USD Price Analysis: Bulls eye 50% mean reversion

• EUR/USD bulls moving in from daily support but bears eye hourly W-neckline. 
• 50% mean reversion on H1 chart is compelling for sessions ahead. 

The EUR/USD has formed a W-formation on the hourly chart, which is defined as the period between the previous bearish impulse to the lows, the following correction that was followed by a further drop, and the subsequent recovery that resulted in a new corrective high.

A neckline of the W-pattern has been left on the hourly chart, and it is projected to function as support on a restest in the near future.

It is possible that if this holds, the bulls will be emboldened to jump in and push the price higher. Consequently, the 50 percent mean reversion of the initial bearish impulse, which coincides with the previous support structure, might be targeted for the foreseeable future, as demonstrated in the following chart: