Distribution Confirmed, Accumulation Failed, Downside Liquidity On the EURUSD H1 chart, price action is clearly transitioning from accumulation into distribution, with bearish control gradually asserting itself. After a strong impulsive push higher, the market stalled inside the accumulation range around 1.1700–1.1740, where repeated failures to sustain higher highs signal buyer exhaustion. Each attempt to push above the range high was aggressively sold, confirming this zone as supply absorption rather than bullish continuation. Structurally, EURUSD has now broken down from the accumulation range, losing acceptance below the range low and slipping back under the EMA 89, which is rolling flat to down. This loss of structure shifts the intraday bias bearish. Current price action is compressing just above 1.1680, but the overlapping candles and weak bullish responses suggest this is pause before expansion, not re-accumulation. From a liquidity perspective, upside liquidity has already been swept inside the range. With price now trading below value, the next high-probability objective becomes sell-side liquidity resting below, aligning with the demand zone at 1.1630–1.1620. Any short-term pullbacks into the 1.1690–1.1700 area are likely to be corrective and vulnerable to renewed selling pressure unless price can reclaim and hold back above the former range.
EURUSD has failed to transition from accumulation into markup. As long as price remains below the broken range and below EMA, the path of least resistance remains downward toward the demand zone, where the market is more likely to seek liquidity before reassessing direction.
