EUR/USD Price Analysis: A little more downside first or up she goes

• EUR/USD is on the verge of an upside continuation.
• Bulls will be looking for a bullish structure at this juncture. 

From an hourly perspective, there has been a significant correction of the latest bullish impulse which leaves bulls at the edge of their seats monitoring for an optimal entry point to catch the next wave to the upside. 

The following illustrates the possible scenarios if the price doesn't just move into consolidation or melt to below critical support structure from an hourly and 15-minute perspective. 

Hourly chart

A correction to the 38.2% Fibo has been made in Asian trade today which raises prospects of an onwards continuation for the day and sessions ahead:

15-min chart

The bulls will be looking for a break of the shorter term time frame resistance for a higher probability long: