EURUSD HTF Price Action Analysis(Monthly)

Hello Everyone

First of all, this one is for educational purposes and definitely not for trading or any sort of investment advice, therefore it's only an analysis. Since this is a monthly chart, you can clearly see Eur is still in a downtrend and the recent retest of the supply zone clearly shows bears are in control and the price stuck in a huge range. If the quarterly demand area can't hold the sell-pressure. Next target of the sellers would be the lows i've marked on the chart. And if it doesn't provide enough buying liquidity, next support is also marked on the chart. In order to create a bullish signal, buyers need to push the price above the orange area and should reclaim this area with a retest at least for couple weeks to give an impression of now the buyers are in control.

Although, since Eur is a currency, others factors such as inflation/cpi and dxy should be taken into account in order to make an assumption.