EUR/USD Price Analysis: The pair completes te M-formation, eyes on downside continuation

• EUR/USD Bears looking to the 1.2000 level as price meets resistance.
• A 38.2% Fibonacci confluence with structure puts focus on the downside. 

Further to the prior analysis, EUR/USD Price Analysis: Bulls looking for significant upside correction, the cross has indeed completed the M-formation as follows:

Prior analysis

Prior analysis, 1-hour chart

Live market, daily chart

Live market, hourly chart

Meanwhile, if the price breaks this current layer of resistance then the upside will be back in play. With that said, if the bears take back control, then a downside extension on the daily chart is in order:

Daily chart