On Friday, the EURUSD fell to test the 1.14944 level from June 5 but failed to keep the momentum below this point, closing at 1.15468. In the Asian session today, the price saw buying interest, pushing it higher.

Today’s trading saw the EURUSD rise above the April 21 high of 1.15726, reaching a peak at 1.16139. Despite this upward movement, the price has eased back down, approaching the April high again at 1.15736. The price dipped to 1.1577, still above this threshold, which remains a focus for buyers. Should this support stand, the target will shift to last week’s high of 1.16312 for further upward potential.

What we’ve seen is a test of strength near a previously established support. When the price dropped towards the June 5th low at 1.14944, buyers absorbed the pressure before it could slip further. The close at 1.15468, a fair distance above that low, indicated a measured defence of the area. Into Monday’s Asia session, fresh demand carried momentum beyond the April 21 high at 1.15726. That breach was a short-lived push before a retracement brought it back just above the same prior resistance.

Now, traders are watching the immediate zone around 1.1573 closely. It had acted as a barrier in April, and now it’s being retested from above as support — a classic technical reaction level. We’ve noticed multiple failed closes beneath these areas recently, which means the market isn’t yet prepared to fully unwind the rally from earlier in the session. This area should continue offering guidance as to where short-term flows are aligned.

With the price still knocking around just above former resistance, there’s an opportunity forming for directional bets. A weekly high at 1.16312 stands in clear view, but it won’t be approached unless 1.1573 remains firm under pressure. We shouldn’t expect that move to be smooth — it likely comes in fits depending on triggers from macro releases or unexpected bid flows.

From a tactical standpoint, lower timeframes show that positioning has been agile. Buyers are not yet out of ideas, but any slip below 1.1570 would challenge confidence and could force speculative longs to adjust or exit. We’re not seeing strong follow-through in either direction just yet. That has left many dealing desks cautious but watchful, especially with option expiries and data later in the week.

If momentum builds above the week’s early high at 1.16139, there’s room to test the upper ranges from February and March, particularly if rate expectations remain largely priced-in. Underneath, however, the distance to last week’s low is not insignificant. Should buyers fold at this juncture, it exposes the pair to a deeper correction that would likely draw in momentum sellers as 1.1494 comes back into conversation.

We’re leaning towards mapping out support and resistance with measured patience, letting price reaction confirm bias. There’s demand, but it’s tempered; commitment isn’t obvious. Flows yesterday were light, but that can change quickly.