The pair traded within a broad recovery structure and entered the new week after a sharp upside rebound from the late-April base. EUR/USD is no longer sitting on the lows; instead, it has rebuilt a higher intraday floor and is now consolidating in the upper half of the latest recovery swing. The market already tested the 1.1760–1.1770 area and then pulled back, but the decline remained controlled rather than impulsive. That keeps the broader daily tone constructive while the pair holds above the main support band.
For the full trading day, the key balance area is 1.17280. Above it, buyers still have room to challenge the upper part of the recent structure again, though the path may come through pauses and retests rather than a straight breakout. If the pair slips back below that pivot, the rebound risks turning into a broader correction toward deeper support. In other words, the day starts with a mild bullish bias, but only while price remains above the recovery base built after the April reversal.
Current price: 1.17339
Pivot: 1.17280
Nearest support levels: S1: 1.17120, S2: 1.16940, S3: 1.16720
Nearest resistance levels: R1: 1.17480, R2: 1.17680, R3: 1.17920
Note:
Above Pivot: If the pair stays above 1.17280, buyers may keep control of the daily structure and push toward 1.17480 and 1.17680. If bullish pressure strengthens through the session, the next upside target may come at 1.17920.
Below Pivot: If the pair falls back below 1.17280, the rebound may fade into a broader pullback toward 1.17120 and 1.16940. A deeper daily correction would then expose 1.16720.
