EUR/USD — Weekly Outlook | Multi-Timeframe Analysis Macro Bias: Euro/US DollarFX:EURUSDJhibi📅 Monthly Timeframe Price has decisively rejected from a well-defined monthly supply zone, compounded by confluence with a significant Fair Value Gap (FVG) and a major psychological round number. The most recent monthly candle closed below its predecessor, confirming that the macro structure remains bearish. The current price movement should be read as a corrective retracement within a broader downtrend, not a reversal. 📅 Weekly Timeframe On the weekly chart, price swept the liquidity resting above the prior range and promptly rejected from a weekly supply zone aligned with the 1.18500 round number — a level that carries significant institutional weight. This rejection followed a prior Break of Structure (BOS), which validates the corrective nature of the recent rally. With the monthly and weekly biases aligned to the downside, two scenarios are now in play: Scenario A (Higher Probability): Price revisits the high of the latest weekly candle's upper wick — a standard liquidity target — before sellers reassert control. This is supported by the fact that the candle closed above the previous candle's wick, suggesting a near-term wick-fill is likely. Scenario B: Direct bearish continuation without a wick revisit, contingent on daily confirmation. The weekly close will be the deciding factor. 📅 Daily Timeframe The daily chart clarifies the picture. Price rejected simultaneously from both the weekly and daily supply zones, and the most recent daily candle swept the liquidity from the prior candle's low — a bearish confirmation signal. A round number rejection adds further weight to the downside case. Expected path: Price declines into the lower daily FVG, where a temporary reaction may develop. From there, a corrective bounce toward the weekly wick high is possible. Should price reach that level and show bearish rejection, the higher-timeframe downtrend is expected to resume toward lower structural targets. ⏱ H4 Timeframe The H4 structure supports the roadmap above. The preferred approach is to monitor for intraday FVG formations on the H1 chart as potential entry triggers, targeting the lower daily FVG. If price closes above that daily FVG rather than rejecting it, the corrective bounce toward weekly liquidity becomes the primary scenario. As long as price trades below the higher-timeframe supply cluster, rallies remain corrective in nature and should not be mistaken for trend reversals.