Market structure: Bearish after the sharp displacement from the 1.3940 area. Price has broken the recent intraday structure and is currently trading below the SSL around 1.3822–1.3825.
Key zones
🔴 HTF Supply: 1.3930–1.3942
Previous buy-side liquidity sweep + strong rejection.
🟡 Bearish FVG: 1.3882–1.3896
Main retracement/imbalance area to watch.
⚫ SSL: ~1.3822
Important liquidity reference.
🟢 Major Demand: 1.3788–1.3812
Potential reaction zone if bearish continuation reaches it
Scenarios
Bearish scenario — preferred
If price remains below 1.3860 and rallies are rejected, continuation toward 1.3812 → 1.3788 becomes the cleaner SMC/price-action scenario
Bullish alternative
A strong reclaim of 1.3860 followed by acceptance above it could allow a retracement toward the 1.3882–1.3896 FVG. A deeper recovery above 1.3900 would weaken the immediate bearish thesis
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