EURUSD: The Euro Is Recovering, But 1.1660 Remains the Real TestEUR/USDOANDA:EURUSDDomicChainaEURUSD on the H4 timeframe is entering a very important zone. After the sharp decline from 1.1780 toward 1.1580, price stopped extending lower and began building a base around the 1.1600–1.1660 range. To me, this suggests that selling momentum has slowed, but it is still too early to say buyers have fully regained control. The key area remains the EMA cluster around 1.1640–1.1655. Price has attempted several times to break above this region, but none of the H4 candles have delivered a truly convincing close yet. That tells me the 1.1660–1.1680 zone is still acting as nearby supply, where sellers continue responding quite actively. The broader market backdrop is also mixed right now. The USD has not fully weakened because investors are still waiting for ISM data, Powell’s comments, and the US jobs report later this week. At the same time, the euro is not particularly weak either, as markets still expect the ECB to maintain a relatively firm stance on inflation. Because of that, EURUSD currently looks more like a market waiting for confirmation rather than trending clearly higher. My preferred scenario is that EURUSD may first pull back toward the 1.1630–1.1620 area to retest support. If this region holds and buyers show a clear reaction, price could rotate back toward 1.1660–1.1680. If buyers manage to break this supply zone with a strong H4 candle close, the next upside targets I’m watching are around 1.1710–1.1730.