The price action on the EURUSD 1-hour chart clearly reflects a market in which buying pressure is weakening and sellers are regaining control. After a corrective move to the upside, price has returned to a key supply zone that previously triggered a strong bearish displacement and broke market structure. This red supply area has repeatedly rejected price, and the cluster of equal highs sitting just above it forms a liquidity pool that increases the likelihood of a brief liquidity grab before a potential reversal.
At the same time, the presence of unfilled FVGs lower on the chart—including a larger 4H FVG and a smaller DFVG within the intraday structure—indicates that the market has not yet fully rebalanced the inefficiencies left behind during previous impulsive moves.
The 1.15236 level also acts as an important support that remains unbroken, with significant liquidity accumulated beneath it. Should price reject the current supply zone, the likely path would be a move toward this support and potentially deeper into the lower FVGs.
Conversely, a bullish shift would only be valid if price decisively breaks through the supply zone with strong-bodied candles and then retests it to form a new bullish structure. Until that happens, the overall chart bias remains tilted to the downside, with a natural draw on liquidity toward lower levels.
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