• EUR/USD bulls take control and target the M-formation's neckline. 
• A 50% mean reversion is on the cards for the sessions ahead. 

The US dollar is down slightly on Monday after hitting a 20-year peak last week, which is giving the euro bulls some relief and the price moves higher in a correction of the latest bearish impulse. The following illustrates the price action and market structure from a daily and H4 perspective as the bulls take over control and target key levels to the upside. 

EUR/USD daily chart

The price is recovering on the daily chart as illustrated above from the cycle lows and the bulls are moving in on the 38.2% Fibonacci level through 1.0460. A break of there will open risk to the 50% mean reversion target near 1.05 the figure and then the golden ratio, the 61.8% Fibo near 1.0530. The M-formation is a bullish reversion pattern and the neckline meets the targetted area as an additional confluence. 

EUR/USD H4 chart

On the 4-hour time frame, the price is ascending in a bullish channel and has been supported by last week's close and prior resistance near 1.0390 and 1.0413.