The pair traded within a range after the broader bullish structure gave way to a deeper corrective decline, and the market is now pressing near the lower boundary of the recent swing zone. On H1, the recovery attempts remain weak, which keeps the daily tone bearish while the pair stays below the main rebound area formed earlier this week.
For the full trading day, the key issue is whether buyers can defend the current base and trigger a larger corrective rebound. If not, the market may continue to unwind the previous rally and extend the downside toward the next broader support band.
Current price: 1.17025
Pivot: 1.17090
Nearest support levels: S1: 1.16920, S2: 1.16780, S3: 1.16520
Nearest resistance levels: R1: 1.17180, R2: 1.17380, R3: 1.17620
Note:
Above Pivot: If the price returns above 1.17090 and holds there, buyers may attempt a corrective recovery toward 1.17180 and 1.17380, with 1.17620 as the next broad upside target for the day.
Below Pivot: If the pair remains below 1.17090, bearish pressure may continue toward 1.16920 and 1.16780, while 1.16520 stands as the next deeper downside objective.
