EUR/AUD Rebound Into SupplyEUR/AUDOANDA:EURAUDEdgeTradingJourneyFrom a technical standpoint, EURAUD remains in a clear bearish structure on the daily timeframe. Price has been trending within a well-defined descending channel, consistently printing lower highs and lower lows. The recent upside move is, in my view, a corrective rebound rather than a structural shift, as price is now approaching a key supply zone aligned with previous breakdown areas and dynamic resistance. The reaction we are seeing is not surprising considering the sharp sell-off into mid-March, where price tapped into a demand zone around 1.62. That level acted as a short-term liquidity pool, triggering a relief bounce. However, the broader structure remains intact unless we see a clean break and acceptance above the upper boundary of the channel. Looking at the COT data, institutional positioning continues to favor euro strength relative to previous weeks, but this needs to be contextualized. On the AUD side, commercials remain heavily short, suggesting underlying weakness in the Australian dollar. However, the recent change in positioning shows a reduction in overall exposure, indicating a phase of rebalancing rather than aggressive accumulation. This supports the idea of short-term corrections rather than a full trend reversal. Seasonality adds another layer of confluence. Historically, March tends to show weakness in AUD, especially in the second half of the month, while EUR displays more mixed but relatively stable behavior. This divergence supports the recent bullish correction on EURAUD, but seasonality alone is not strong enough to invalidate the prevailing bearish trend. From a sentiment perspective, retail positioning shows a majority of traders currently long EURAUD. This is typically a contrarian signal, reinforcing the idea that the current upside may be limited and potentially setting up for a continuation move to the downside once liquidity above is cleared. Fundamentally, the recent narrative around potential trade developments between Europe and Australia may be contributing to short-term volatility and repositioning. However, at this stage, I consider this more as a catalyst for short-term repricing rather than a confirmed macro shift capable of reversing the trend. At the moment, price is approaching a key supply area between 1.66 and 1.68, which aligns with previous structure, imbalance zones, and the descending trendline. This is, in my view, the critical decision point. If price shows rejection here, I expect a continuation toward the 1.62 zone and potentially lower, targeting previous lows.