Peter Smith
⬤ EUR/USD is trading around 1.198 after rebounding from a well-defined intraday demand zone on the 15-minute chart. The pair is showing signs of a potential buy setup after recovering from the lower support area between 1.1900 and 1.1920. The chart shows a sharp drop that attracted buying interest, sparking a recovery into the current consolidation range.
⬤ The price respected the shaded support region, where sellers backed off and the momentum reversed. After hitting a local bottom, the pair climbed toward the 1.198–1.200 zone, which lines up with earlier intraday resistance. Right now, the structure looks more like consolidation than rejection—price is staying above the short-term support level marked on the chart. A projected path suggests a brief dip before another push higher.
⬤ The bounce has been measured, with higher lows forming since the rebound from support. While there's no confirmed breakout yet, keeping price above the 1.195–1.196 area maintains the short-term bullish outlook. A sustained move toward 1.200–1.202 would align with the directional scenario outlined, as long as support continues to hold.
⬤ This setup stands out as EUR/USD responds to clearly marked intraday technical levels after a period of heightened volatility. These short-term patterns often signal near-term direction before the bigger timeframes catch up. Holding above support could strengthen short-term upside momentum, while breaking below it would likely turn focus back to the demand zone tested earlier in the session.
Peter Smith
