• EUR/USD is under pressure near the 61.8% ratio on the daily chart.
  • The hourly W-formation’s neckline could be targeted. 

EUR/USD is resting at an hourly pivot point and the 61.8% ratio of the daily bullish impulse. A break of this level opens hourly support that could be the last defence for the 1.1750 target and daily support structure. 

EUR/USD daily chart

The bulls are holding the fort at the 61.8% ratio and a break there opens risk of a test of daily structure near 1.1750.

Hourly chart

 

From an hourly perspective, a break of the support will reveal the neckline of the W-formation, a high completion reversal chart pattern. The neckline is just below the 1.18 psychological level and current support.