EUR/USD Price Analysis: Bulls target a 61.8% Fibo confluence

• EUR/USD bulls step in and target a retest of the M-formation's neckline. 
• Hourly H&S may also be in play for the bullish conviction. 

As per the prior analysis, EUR/USD Price Analysis: Bears need to consider the daily M-formation, the M-formation is in focus.

Prior analysis, daily chart

There is now a high probability that the price will continue to melt and make for a daily downside extension towards 1.1805/12 as follows:''

Live market analysis

While the tragte area was acheived, there was always the risk of the price stalling along the way and retruning back for a premeture test of the prior lows and support due to the M-formation. 

An M-formation has a high completion rate in attracting the price back to the neckline of the formation. 

From an hourly perspective, the bulls can therefor target a confluence of the area with the 61.8% Fibonacci retracement of the prior daily bearish iumpusle, as follows:

In additiona to the M-formation on the daily chart, it is worth noting the bullish Reverse Head & Shoulders on the hourly chart.

Could the formation be a bottoming of the hourly bear trend?