EURUSD: The bulls are returning, but 1.1650 is a decisive test.EUR/USDOANDA:EURUSDStone_Haven🌍 Fundamentally, EUR/USD is currently supported by higher Eurozone inflation and expectations that the ECB will maintain a relatively hawkish stance. Meanwhile, the USD continues to benefit from expectations of Fed tightening, though recent signals from the US labor market are casting uncertainty on this outlook. Technically, the H1 chart shows buyers regaining momentum, though it is too early to say the previous downtrend has fully reversed. Price is currently approaching a key resistance zone. 🟢 1.1575 – 1.1590 This is the demand zone indicated on the chart. Price previously dipped below this level, hitting a low around 1.1567, but quickly bounced back. This signals that sellers were unable to sustain pressure once the price dropped below 1.1580. More importantly, the price has now climbed back above the EMA20 and EMA50, while the EMA100 sits around 1.16025. This suggests that short-term momentum is shifting in favor of the buyers. However, a significant hurdle remains ahead: 🔴 Resistance: 1.1640 – 1.1650 This is not only a supply zone visible on the chart but also an area that previously acted as support prior to the sharp decline on August 29. Consequently, the 1.1640–1.1650 range will be decisive for the next move. If EUR/USD continues to rise but faces rejection in this area, the market could well retest the 1.1610 → 1.1590 → 1.1575 levels. Conversely, if the price closes clearly above 1.1650 on the H1 timeframe and subsequently successfully retests that level, the recovery structure would be significantly strengthened.