EURUSD Technicals: Watching the 1.1700 Area as Close Support for Buyers in the Short Term As the U.S. session began, the EURUSD experienced a notable dip, momentarily penetrating support levels between 1.1698 and 1.1703. This decline saw the pair fall to 1.1692 before a subsequent rally propelled it back above the 1.1703 threshold. The recovery ultimately pushed the pair to a session high of 1.1723, however, momentum has since wanned, leading to a rotation lower in price action. Currently, I maintain a strong focus on the 1.1698 – 1.1703 area as a crucial short-term support level for buyers. This zone represents a key battleground for the currency pair, and its integrity is paramount to understanding the immediate direction of the EURUSD. The importance of this level stems from its consistent performance as a barrier to further declines and a potential springboard for upward movements. Traders are keenly observing this area for signs of strength or weakness, as it dictates whether the bullish narrative remains intact or if the bearish sentiment gains traction. The sustained holding above this zone is a clear signal of buyer dominance, reinforcing the belief that the price will continue to find support and potentially rally higher. Conversely, a decisive breakdown below this level would significantly diminish the upside bias, undermining the current bullish outlook. It would suggest that the initial support has been eroded, and the price may continue to fall. The earlier dip-and-bounce pattern, which saw the pair briefly move lower before rebounding, might not repeat if the 1.1698 – 1.1703 zone is breached. This level is therefore a critical marker for assessing the short-term trend and guiding trading decisions. The reaction to this area will determine whether the EURUSD remains a buyable currency or if a more cautious approach is warranted. Monitoring price action around this key support level is essential for all traders involved in the EURUSD market, particularly those employing short-term trading strategies. The ability of the market to hold above this level is a vital indicator of overall market sentiment and the strength of the Euro against the US Dollar.