The pair traded within a broad intraday recovery range and entered the first session of the new month with a bullish bias after a strong rebound from the late-April lows. EUR/USD pushed sharply higher off the 1.1655–1.1660 area and is now stabilizing near the upper part of the recent structure. This matters because the market is no longer trading at the bottom of the weekly decline. Instead, it is testing whether the latest rebound can extend into a full-day continuation move rather than remain a short-lived correction.
For the full trading day, the key zone is the 1.1714 pivot area. While the pair holds above it, the structure favors another attempt higher toward the upper resistance band. However, because the advance into the close was already strong, buyers may first need to absorb profit-taking before resuming upward pressure. A move back below the pivot would weaken the bullish setup and signal that the rebound is fading into a broader range rather than turning into a sustained daily recovery.
Current price: 1.17238
Pivot: 1.17140
Nearest support levels: S1: 1.17000, S2: 1.16820, S3: 1.16580
Nearest resistance levels: R1: 1.17380, R2: 1.17600, R3: 1.17900
Note:
Above Pivot: If the pair stays above 1.17140, buyers may continue the new-month rebound toward 1.17380 and 1.17600. If bullish momentum expands through the day, the next upside target may come at 1.17900.
Below Pivot: If the pair falls back below 1.17140, the recovery may lose traction and shift into a broader pullback toward 1.17000 and 1.16820. A deeper daily correction would then expose 1.16580.
