• EUR/USD imbalances are compelling on both the daily and hourly time frames.
• The price is currently correcting the overnight rally towards a 38.2% Fibo area. 

EUR/USD is accumulating in a familiar area of demand as per the prior market structure of last year between May and July. The following illustrates the possibilities for the next trajectory for the forthcoming weeks. 

EUR/USD daily chart

As illustrated, there are two critical areas of imbalance that will at some stage be exploited. On the downside, 1.09 and 1.12 is a compelling target area for the bears to take on, while on the upside, a break of current double top resistance opens the pathway towards 1.1520. 

EUR/USD H1 chart

Meanwhile, the hourly chart shows that the price is correcting, which is typical of such a move. The imbalance between towards 1.1250 can be filled by the bears and the 38.2% Fibonacci target comes in at around 1.1270 as the first prospective level of support.