EUR/USD midweek: holding 1.1620 as quiet week continues, 2026-06-01

Where EUR/USD stands midweek

EUR/USD closed Wednesday at 1.1621, down 27 pips from Monday's 1.1648 open. The pair has ranged between 1.1604 and 1.1664 through the first three sessions, settling near the lower third of that band as European traders headed home.

What has driven price so far

Dollar strength has been the steady theme, with the euro giving ground in quiet conditions. Monday saw the week's high at 1.1664 before sellers stepped in, and Tuesday's 1.1604 low marked the weakest level. Wednesday's narrow 15-pip range suggests traders are sitting tight in the absence of major catalysts.

What's still ahead

The calendar shows no high-impact events for Thursday or Friday, leaving EUR/USD to trade on flows and technicals. If the pair holds above 1.1600 through Thursday, the week's high at 1.1664 could see another test. A break below 1.1600 would put focus back on Tuesday's 1.1604 low.

Positioning right now

Current positioning shows 51.6% of traders long EUR/USD versus 48.4% short as of Wednesday morning. The near-even split reflects a market without conviction, with neither bulls nor bears commanding a clear majority at these levels.

The level that matters today

The 1.1600 round figure sits just below current price and has already been tested once this week at 1.1604. If EUR/USD breaks and holds below 1.1600, the next obvious support is 1.1550. Alternatively, a bounce from here puts 1.1650 back in play, especially if GBP/USD joins any euro strength. Trade EUR/USD with tight spreads at LHFX today.

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Byline: LHFX Research

Risk disclaimer. CFD trading involves substantial risk and is not suitable for every investor. Leverage works both ways and can amplify losses beyond your initial deposit. The analysis above is general market commentary and does not constitute investment advice or a recommendation to buy or sell any instrument. LHFX is regulated by the FSC Mauritius and the FSCA in South Africa.