The pair traded within a broad recovery structure after a sharp decline into the end of April and starts Wednesday near the upper half of the current intraday range. EUR/USD rebounded strongly from the 1.1660–1.1670 area and pushed back toward 1.1740, where the market is now trying to consolidate rather than immediately reverse. This matters for the whole day because it shows that buyers have already regained short-term control, but they still need to protect the rebound zone from a deeper pullback.
For the full trading session, the key issue is whether the pair can stay above the central balance area and keep forming higher intraday lows. If that happens, the recent recovery can extend further toward the upper resistance band. If price slips back under the pivot, the move from the recent low may turn into a completed rebound and open the way for a broader correction lower through the day. The structure is therefore constructive, but not yet safe from renewed pressure.
Current price: 1.17315
Pivot: 1.17260
Nearest support levels: S1: 1.17100, S2: 1.16920, S3: 1.16680
Nearest resistance levels: R1: 1.17480, R2: 1.17680, R3: 1.17920
Note:
Above Pivot: If the pair holds above 1.17260, buyers may continue the recovery toward 1.17480 and 1.17680. If momentum strengthens through the day, the next upside target may come at 1.17920.
Below Pivot: If the pair falls back below 1.17260, a broader pullback may develop toward 1.17100 and 1.16920. A deeper daily decline would then expose 1.16680.
