Price is recovering — not reversing.

📉 Wave Structure
The decline from 1.1930 likely completed a wave 3 impulse.
Current move → wave 4 correction
⚠️ Interpretation:
• Upside is corrective
• Momentum is insufficient for reversal
→ Market is resetting before continuation lower

🎯 Key Levels
🔼 1.1600 – 1.1670 → Primary supply
→ Seller re-engagement zone
❌ 1.1765 → Invalidation
→ Break = deeper correction (not trend change)

📊 Broader Structure
A larger A–B–C correction remains in play
→ Suggests extended downside cycle
This is mid-structure, not completion

⚖️ Market Character
• Buyers → reactive (short-term)
• Sellers → structural (trend-aligned)
→ Bias remains to the downside

🧠 Desk View
Controlled bounce inside a bearish trend
Macro flow unchanged:
• USD supported (rates + safe haven)
• EUR lacks independent strength

⚡️ Execution Bias
• Sell strength, not weakness
• Let price trade into supply
• Focus on rejection, not anticipation

🔥 Bottom Line
Not a reversal. Not accumulation.
Just a pause before continuation —
and late buyers are the liquidity.