EUR/USD Price Analysis: The bulls are in play for the open, but bears ready to pounce

• EUR/USD is poised for a move higher for the open.
• EUR/USD bears eye a break of key support structures longer-term.

For the open, EUR/USD is hovering above a void of liquidity towards 0.9870, but if the bulls can hang on above 0.9950 for the start of the week, there will be prospects of a move above 1.0000 with 1.0050 eyed.

EUR/USD H1 chart

We have a W-formation in place that could act as a firm support considering the price has moved to the backside of the trendline with accumulation in play. 

EUR/USD bearish scenario

On the other hand, if bulls do not commit thereafter, while below the recent peaks in the 1.0090s, a continuation to 0.9750 could be on the cards into the Federal Reserve: 

(Hourly chart above)

(Daily chart below)

The daily chart shows that while the price has tried to get above the trend, it has yet to breach the resistance zone and the tweezer tops could prove to be the peak of the breakout. A move below 0.9875 will be significant in this regard, putting the price back into line with the dominant trend with prospects of a move below the counter trendline and back into the hands of the bears to target a critical break of 0.9705.