1. High-Horizon Order Flow & Active Range Positioning
The macro framework for EURUSD continues to be governed by our multi-year Monthly dealer range (1.20831 to 1.01779). As illustrated on the monthly workspace, price action is actively trading within the Premium Half of this monitored dealer range.

Our primary high-horizon stance remains objectively bearish. As long as order flow is constrained beneath major overhead resistance, the technical path of least resistance points directly toward sell-side liquidity pools below.

2. Immediate Tactical Focus: Resistance (M FVG) Test
Our primary technical focus isolates a precise algorithmic sequence. Price is actively testing the fresh Resistance (M FVG) array resting directly beneath the 1.16403 Historic Pivot. This freshly formed Monthly imbalance acts as a strict premium barrier designed to absorb buying volume and provide institutional resistance.

With the Resistance (M FVG) holding structural integrity, commercial matching engines are expected to push price downward to target the July Low (PML) baseline, representing a -223.0 pip expansion vector from current premium pricing, with potential continuation toward the June low.

3. Spatial Target Coordinates & Risk Boundaries
Exposure parameters are defined strictly by spatial price coordinates:

The Inversion Ceiling: The upper boundary of the Resistance (M FVG) and the 1.16403 Historic Pivot serve as the macro invalidation layer. Candle body structures remaining defended below this threshold keep the short-side expansion model fully active.
Macro Downside Arrays: Beyond the sweep of the July Low, deeper secondary targets remain anchored to the Support (M FVG) matrices sitting inside the macro discount zone between 1.10000 and 1.06000.

**System Note:** Operating inside the premium half of the monthly range while testing a fresh Resistance (M FVG) offers a clear mathematical framework. We let the Resistance (M FVG) cap the range and monitor price delivery toward the July low.