EUR/USD: Hourly Bullish Cycle In Place

Demand imbalance through the European session leads to the formation of a new up-cycle even if the conviction half-hearted judging by the abrupt rejection of 1.1350 resistance.

Any pullback should find a cluster of bids touted between 1.1315-25 (Friday’s POC + trendline) ahead of the next critical support at the 1.13 area.

The reversal lower in the German vs US bond yield spread does not promote further rises by the end of business in NY as the micro slope fails to keep the upward momentum.

The volume profile structure shows a single distribution-type formation with the price closing below Monday’s POC (highest volume accumulation), suggesting a neutral/rotational bias.