EURUSD Major Forex Pair

The EURUSD major forex pair has been testing a supply zone for several weeks. Buyers have been attempting to break through, but a strong sell wall appears to be pushing the price back down. Observing the price action on the 1-day chart, we can see that each time the price enters the supply zone, it experiences rejection.

There is an upward trendline that is maintaining higher lows, but I expect this trendline to break in the next day or two, allowing sellers to regain full control.

More Insights on the 4-Hour Chart

On the 4-hour chart, the price action becomes clearer, revealing exhaustion at the supply zone. Additionally, the price pattern is forming a rising wedge, which suggests weakening momentum on the buyers' side. Further signs of weakness can be seen on the Money Flow Index. I have outlined a forecast for what I expect the price to do should it break the trendline and the higher low structure.