• EUR/USD bears are lurking near a 50% mean reversion. 
• A fresh cycle low could be in the offing for the remainder of the week. 

EUR/USD's correction is starting to decelerate into the resistance that is marked by old support and the 10-moving average on the hourly time frame that has bearishly crossed below the 50-MA.

The price has also corrected towards a 50% mean reversion of the European Central Bank sell-off and hourly bearish impulse. This is leaning towards a bearish bias for the rest of the week and opens the potential for a lower low and fresh cycle lows in the longer-term time frames:

EUR/USD H1 chart

EUR/USD weekly chart

From a weekly perspective, there is room for the price to extend lower before the week is out and in doing so, it will mitigate the imbalance of price between here and the April 2020 lows within the demand area. An M-formation, however, has been left as a bullish market structure. This is a high probability reversion pattern that would be expected to lure in the price towards the neckline in due course. The 50% mean reversion mark guards the 61.8% ratio and prospects of a bullish continuation thereafter.