Monthly chart

On the monthly time frame, the EUR/USD pair still has not been able to break the order block located at the downtrend. This area is considered strong, hence, the price will likely rebound from it to continue the downtrend after that. This decline may occur this month because the beginning of the month was bullish. This indicates that the pair formed the Bullish tail at the beginning of the month and will begin the downward phase.

Weekly chart

As for the weekly time frame, I previously expected that EUR/USD would rise to reach the weekly order block and then fall from there. Still, it seems that it will fall directly and will not be able to rebound from this area, as it may be enough to make a sweep of liquidity of the high at 1.1137 and rebound from the current order block.

Daily chart

The daily time frame also supports the downtrend as EUR/USD rebounded from a strong supply area of 1.11747. What confirms this area is the presence of the IDM below it. Therefore, the instrument can decline to reach at least 1.08494.

H4

There is a good sign of a further decline on the four-hour chart. After the pair fell, it broke the previous bottom, forming a choch, i.e. a change of character. It respected the order block, which became a supply zone, and closed the four-hour candle below it. EUR/USD is expected to fall further to reach 1.0947.

The only suitable area to enter a trade is when the price reaches the order block area at 1.0947. After that, we will look for a good signal to enter, but other than that, there is no good area to sell.

Points of interest (POI)

Buy from: 1.0947 (with a good confirmation, like price action)

TP 1: 1.1025

TP 2: 1.11550

Stop loss: 1.09126 (below the ob)