EUR/USD: Sharp Rejection Puts 1.1520 Under PressureEuro vs. US DollarFX:EURUSDStructure_ViewEUR/USD has once again failed to hold above the 1.1560–1.1570 major supply zone, and the latest rejection has pushed price back toward the first important demand area around 1.1515–1.1525. The move is notable because sellers did not simply slow the rally — they forced price back through most of the recent intraday range in a relatively short period of time. That shifts attention directly to 1.1520. The first demand zone has already acted as an important reaction area, and another successful defense could keep the broader range intact. However, if buyers fail to respond here, the next meaningful downside area sits much lower around 1.1455–1.1465. From a technical perspective, the bearish case remains conditional rather than confirmed. Price has clearly rejected supply, but sellers still need to break first demand before a deeper continuation becomes the higher-probability scenario. The macro backdrop also argues against becoming too aggressive on the short side. July U.S. CPI rose 0.1% month over month and 3.4% year over year, broadly matching expectations, while core inflation eased to 2.5%. The data reduced the market-implied probability of a Federal Reserve rate hike in September to roughly 38%–40%, pushing the dollar slightly lower after the release. The Federal Reserve itself kept the federal funds target range unchanged at 3.50%–3.75% at its July meeting. At the same time, the ECB also left its key rates unchanged in July, with the deposit rate at 2.25%, while emphasizing that uncertainty around energy-driven inflation remains elevated. That leaves EUR/USD caught between a technically bearish rejection and a macro environment that is not decisively supportive of the dollar. Bearish Scenario A confirmed hourly close below 1.1515 would weaken the current range structure and expose 1.1455–1.1465 as the next major demand area. Bullish Scenario If buyers defend first demand and reclaim 1.1535–1.1540, the pair could rotate back toward the 1.1560–1.1570 supply zone. For now, the setup is simple: supply has rejected price, but 1.1520 still needs to break before sellers can claim full control. Does EUR/USD lose 1.1520, or does demand hold the range together once again?