On Friday, the EURUSD tested the 1.14944 level from June 5 but couldn’t maintain momentum below this point, closing at 1.15468. During the Asian session today, buyers showed interest, pushing the price higher. Today’s trading saw the EURUSD rise above the April 21 high of 1.15726, reaching a peak of 1.16139. However, the price has pulled back, approaching the April high again at 1.15736. The price dipped to 1.1577, staying above this level, which is crucial for buyers. If this support holds, the next target will be last week’s high of 1.16312 for potential further gains. This situation reflects a test of strength near a previously established support level. When the price dropped toward the June 5 low at 1.14944, buyers pushed back before it could fall further. Closing at 1.15468 shows a solid defense of this area. As we entered Monday’s Asia session, fresh demand pushed the price past the April 21 high at 1.15726. This breakout was brief, followed by a pullback that brought the price back above the previous resistance. Traders are now closely watching the area around 1.1573. It acted as a barrier in April and is now being retested from above as support — a typical technical reaction level. Recently, we have seen multiple failed attempts to close below these levels, indicating that the market isn’t ready to fully unwind the earlier rally. This area will continue to guide short-term flows. With the price hovering just above former resistance, there is an opportunity for directional bets. The weekly high at 1.16312 is within reach, but this won’t happen unless 1.1573 holds strong under pressure. The move may not be smooth and could depend on macro releases or unexpected buying activity. From a tactical perspective, lower timeframes show that positioning has been dynamic. Buyers still have options, but slipping below 1.1570 would undermine confidence and could prompt speculative long positions to adjust or exit. We have not seen strong follow-through in either direction yet, leaving many trading desks cautious but attentive, especially with option expiries and data coming later in the week. If momentum builds above the week’s early high at 1.16139, there may be room to test the upper ranges from February and March, especially if rate expectations stay largely priced-in. However, the distance to last week’s low is notable. If buyers back down now, the pair may face a deeper correction, possibly attracting momentum sellers and revisiting 1.1494. We prefer a measured approach to mapping out support and resistance, allowing price reactions to confirm our bias. There is demand, but it is cautious; commitment is not yet clear. Yesterday’s flows were light, but this could change quickly.

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