The pair traded within a strong recovery structure after the late-April decline and starts Thursday near the upper part of that rebound. EUR/USD pushed sharply higher into the 1.1780–1.1790 area and is now holding in a consolidation zone around 1.1750 rather than fully reversing lower. That is important for the whole day: the market is no longer just bouncing from oversold levels, it is trying to build a new short-term base above the previous balance zone.
For the full session, the key issue is whether buyers can keep control above the pivot and preserve the sequence of higher intraday lows. If they do, the pair may attempt another leg higher toward the recent peak area and beyond. If price slips back under the pivot, the current structure may turn into a broader daily correction after an already extended rebound. So the day opens with a bullish bias, but the market is already high enough for pullbacks to become deeper if momentum fades.
Current price: 1.17513
Pivot: 1.17460
Nearest support levels: S1: 1.17320, S2: 1.17100, S3: 1.16840
Nearest resistance levels: R1: 1.17680, R2: 1.17890, R3: 1.18120
Note:
Above Pivot: If the pair stays above 1.17460, buyers may continue the recovery toward 1.17680 and 1.17890. If bullish momentum expands during the day, the next upside target may come at 1.18120.
Below Pivot: If the pair falls back below 1.17460, a broader pullback may develop toward 1.17320 and 1.17100. A deeper daily correction would then expose 1.16840.
