EURUSD Holds Above Support — Can Buyers Reclaim the Recent High?

Market Structure

EURUSD remains in a broader bullish structure despite the recent pullback from its late-August high. After the sharp decline near the end of August, buyers successfully defended support and triggered a recovery toward the 1.1640 area. Price is now consolidating beneath resistance, suggesting the market is waiting for fresh momentum before choosing its next direction. As long as higher support continues to hold, the broader recovery structure remains valid.

Market Sentiment - Moderately Bullish

Market sentiment remains moderately bullish. Although buying momentum has slowed after the latest rebound, sellers have yet to regain full control. Price continues to trade above recent swing support, keeping the possibility of another upside attempt alive.

Bullish Scenario

If buyers reclaim 1.1625 and sustain momentum above 1.1640, EURUSD could resume its recovery toward the next resistance around 1.1680. A breakout above that level would reinforce the broader bullish structure and expose the recent swing highs.

Bearish Scenario

If sellers break below 1.1590, downside pressure could increase toward the next support around 1.1570. A decisive move beneath that level would weaken the current recovery structure and shift momentum back in favor of the bears.

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Market Outlook

EURUSD continues to consolidate after recovering from the late-August selloff. Buyers have managed to stabilize price above key support, but stronger follow-through is still needed before the broader uptrend can resume. The next breakout from the current range will likely determine the short-term direction.

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Key Levels

First Resistance 1.1625
Second Resistance 1.1640

First Support 1.1590
Second Support 1.1570

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Future Scenarios

A sustained move above 1.1625 would indicate buyers are regaining momentum and could push price toward 1.1640 and potentially 1.1680.

However, if price fails to hold above 1.1590, selling pressure could accelerate toward 1.1570. Losing that support would increase the probability of a deeper corrective move before buyers attempt another recovery.

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Event Risk

EURUSD remains highly sensitive to macroeconomic data and central bank expectations.

Traders continue to monitor Federal Reserve policy expectations, European Central Bank guidance, U.S. inflation data, Eurozone economic indicators, labor market reports, and bond yield movements. These factors are likely to remain the primary drivers of short-term price action.

The next confirmed major macro event is the Federal Reserve meeting on September 15–16, 2026. Any change in interest-rate expectations could significantly influence the U.S. dollar and generate increased volatility across major currency pairs.

Ultimately, price reaction matters more than the headlines. If positive news cannot lift EURUSD above 1.1625–1.1640, consolidation may continue. Conversely, if negative news fails to break 1.1590–1.1570, buyers may be preparing for another leg higher.

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Please share your view below:

Do you expect EURUSD to break above the current consolidation range, or will sellers regain control and push price lower?

More market structure and key level updates will be shared regularly.