EUR/USD – Medium-Term Structural ContextEuro/US DollarFX:EURUSDphilipemavMarket Overview The current Dealing Range MT represents the active expansion phase within the broader long-term bullish structure. After several efficient impulses, price now trades outside the value area, showing signs of exhaustion typical of late-stage expansions. Even if continuation toward the long-term LVN occurs, the market will likely require a short-term structural break to facilitate redistribution and restore balance before further downside efficiency. Recent price behavior suggests the formation of a Seller Climax — characterized by higher resistance than previous moves, a unidirectional breakout, and subsequent failure to sustain momentum. This pattern often traps short-term participants selling into a “retail supply”, positioned at a discount within the broader higher-timeframe structure. Such conditions typically precede short-term rebalancing or structural compression, marking the transition between the medium-term expansion phase and the potential absorption process of higher-timeframe buyers. Context Summary Structure: Bearish (Medium-Term) within a bullish Long-Term framework Current Phase: Late-stage expansion / potential rebalancing Key Observation: Price operating outside value (LVN retest expected) Signs of Seller Climax — short-term exhaustion Risk of short continuation increases as price enters higher-timeframe demand zones Purpose This analysis defines the medium-term structural environment and serves as a contextual reference for upcoming short-term observations. No trade setup is suggested — the objective is to frame the interaction between medium and long-term order flow dynamics.