EUR/USD is currently trading around 1.13720, after bouncing back from consolidation. However, the pair is approaching a high-volume supply zone between 1.13750 – 1.14017, marked by the LuxAlgo Supply and Demand Visible Range. This area has historically acted as a strong resistance, leading to sharp rejections.
Key Levels to Watch:
Resistance Zone: 1.13750 – 1.14017 (high volume node + rejection area)
First Support: 1.11392 – If price breaks structure here, we may see acceleration downward.
Major Demand Zone: 1.08262 – 1.08800 – Historically strong bullish reaction zone.
Bearish Outlook: If the bulls fail to break and close above 1.14017, I expect price to roll over, targeting:
1. 1.11392 – Minor support level
2. 1.08262 – Key demand zone where buyers previously stepped in hard
Why It Matters: We are entering a critical area ahead of major USD news events (FOMC + NFP) shown on the chart. Volatility is expected, and liquidity grabs above or below key levels are highly likely.
My Plan: Looking for a bearish rejection at the current supply zone or fakeout above it (liquidity sweep) before entering short positions. If confirmed, my downside targets are clearly marked.
What do YOU think? Will the dollar strength return, or will EUR/USD break above the resistance for a new rally?
Like, comment your analysis, and follow for more FX setups!
#EURUSD #Forex #TradingView #PriceAction #SupplyAndDemand #LuxAlgo #TechnicalAnalysis #USD #FOMC #ForexStrategy