$GRAM probably tags the 1.105 to 1.11 supply block before it does anything else, and that's where the next decision gets made. Structure has been leaning bearish for a while. Price broke down with a clean BOS, sits below both EMAs, and open interest has been climbing while price falls. That combo usually means new shorts are being opened, not old ones covering. Right now price is consolidating in discount, near the low of the range. That's a spot where bounces happen, so I'm not ruling one out. The supply zone at 1.105 to 1.11 is the last rebound before the selloff. If price gets back there and gets rejected, the sell-side liquidity under 1.086 is the obvious magnet, and 1.078 is the next structural low behind it. So the question I haven't answered: does that 1.105 to 1.11 retest get sold, or do buyers push through and turn it into a reclaim? Targets: 1.086, then 1.078 Invalidation: 1.112 What to watch next: Open interest rising further while price stalls at supply. A clean rejection wick at 1.105 to 1.11. A hold above 1.11, which would flip this read. If 1.086 gets swept and buyers step in fast, does that change the whole picture?