EUR/USD Price Analysis: Bulls move in on 1.1450, time for a correction?

• EUR/USD has been an impressive performer on the bid on Wednesday. 
• Bulls have reached a critical level, bears will be looking for a test of 1.1410 NY open.

EUR/USD rallied on Wednesday from a low of 1.1354 towards 1.1450. The high at the time of writing has been 1.14492 so far. The following illustrates the scalping day trading structures and prospects of a downside correction for the sessions ahead. 

EUR/USD H1 chart

The bulls have rallied into a key 1.1450 area on the chart and following a test of the area, profit targets will be met and subsequent selling could come into force. The bears looking to engage at a high probability area could look for a break below the recent lows near 1.1438. 

EUR/USD H4 chart

Meanwhile, the 4-hour chart shows where the liquidity is located as per the structure looking left. A run through to trigger stop losses would be a common occurrence, so wicks on the lower time frames would be expected to test as high as 1.1460/65. Either way, the countertrend traders will be looking for an optimal entry to target a correction as profit-taking unfolds into the New York close and ahead of the rollovers and widening of spreads.

EUR/USD M15 chart

On the 15-min time frame, the support that the bears will want to see is located just below 1.1440. A run to 1.1422 and then the New York open near 1.1410 would be in focus.