The pair traded within a broad recovery structure after the late-April decline, but the latest phase is no longer a straight rally. EUR/USD pushed sharply higher into the 1.1790 area earlier, then moved into a corrective pullback and is now trying to stabilize around 1.1735–1.1740. For the whole day, this means the market is sitting in a key decision zone: either the current rebound from the latest pullback becomes a fresh bullish leg, or the pair remains trapped below the recent swing top and continues correcting lower.
The day starts with a mildly constructive tone because price is holding above the recent intraday base and is attempting to rebuild structure after selling pressure eased. Still, the pair needs to hold above the pivot and then break through nearby resistance to prove that buyers are regaining control on a full-session basis. If that does not happen, EUR/USD may spend most of the day inside a wider corrective range with downside retests before the next directional move develops.
Current price: 1.17376
Pivot: 1.17320
Nearest support levels: S1: 1.17200, S2: 1.17020, S3: 1.16780
Nearest resistance levels: R1: 1.17520, R2: 1.17740, R3: 1.17980
Note:
Above Pivot: If the pair holds above 1.17320, buyers may try to extend the recovery toward 1.17520 and 1.17740. If bullish momentum strengthens through the day, the next upside target may come at 1.17980.
Below Pivot: If the pair drops back below 1.17320, a broader correction may develop toward 1.17200 and 1.17020. A deeper daily decline would then expose 1.16780.
