EURUSD – Daily Technical Outlook
Market Structure
EURUSD continues to show a gradual bullish recovery after stabilizing from last week’s volatility. The pair pushed higher toward $1.1660, but sharp intraday selling caused a notable pullback, sending price back into the $1.1610-$1.1620 area where it is currently consolidating.
Despite the brief spike and reversal, the broader structure still leans constructive, with the pair forming higher lows and reclaiming key moving averages on multiple timeframes.
Key Resistance Zone
The most significant resistance remains at $1.1650-$1.1665, an area where yesterday’s sharp rejection formed.
A confirmed breakout above $1.1665 would open the door toward:
- $1.1690
- $1.1720-$1.1740 (extended bullish target)
Failure to break this zone keeps EURUSD capped in its current consolidation.
Key Support Zone
Support is found at $1.1600-$1.1610, a region that has held well following the recent sell-off.
Further support sits at:
- $1.1570
- $1.1535-$1.1550 (major structural support)
Staying above $1.1600 maintains the short-term bullish bias.
Expectations
Bullish Scenario (Primary)
If EURUSD holds above $1.1600, buyers could attempt another move toward $1.1665, and a breakout above it would likely drive price toward $1.1690 and $1.1720.
Bearish Scenario (Alternative)
A drop below $1.1600 would indicate weakening momentum and may push the pair toward:
- $1.1570
- $1.1535-$1.1550
A break beneath $1.1535 would undermine the broader recovery structure.
Outlook
EURUSD is consolidating after a sharp intraday rejection near $1.1665, but the broader tone remains mildly bullish as long as the pair holds above $1.1600. Today’s movement is likely to revolve around whether price can reclaim the upper resistance or drift back toward support for another retest.
