The pair traded within a range after last week’s broader downside correction pushed the market into the lower part of the recent H1 structure, where buyers finally managed to slow the fall. Even so, the rebound remains corrective rather than impulsive, and EUR/USD still trades below the main recovery ceiling created during the previous decline.
For the full trading day, the key issue is whether the pair can build on the current stabilization and extend a broader corrective recovery, or whether the rebound will stall below resistance and the market will return to the bearish structure. As long as price remains near the lower half of the recent range, intraday recoveries should still be treated with caution.
Current price: 1.17207
Pivot: 1.17280
Nearest support levels: S1: 1.17080, S2: 1.16900, S3: 1.16720
Nearest resistance levels: R1: 1.17380, R2: 1.17580, R3: 1.17820
Note:
Above Pivot: If the pair regains 1.17280 and holds above it, buyers may extend the recovery toward 1.17380 and 1.17580. If bullish momentum strengthens through the day, the next broader target may come at 1.17820.
Below Pivot: If the pair remains below 1.17280, bearish pressure may return toward 1.17080 and 1.16900. A deeper daily decline may then expose 1.16720.
