EURUSD pulls back after failed attempt to settle above 1.1685

As of June 3, 2026, the daily EURUSD chart shows a decline following the pair’s attempt to rebound. Quotes failed to consolidate above 1.1685 and retreated to 1.1620.

Taken together, momentum indicators suggest that the market is now in wait-and-see mode. Let’s analyze the technical picture step by step, starting with the Chaikin Oscillator. The indicator has recently dipped into negative territory, though this does not necessarily signal mounting selling pressure. It looks more like a sign that the previous growth impulse is waning. Just a few days ago (May 21–29), the oscillator confirmed accumulation of long positions. So, the current decline could be a technical breather rather than a trend reversal.

Bill Williams’ Awesome Indicator remains below the zero line. However, the persistent green bar chart in recent days suggests an attempt to revive bullish momentum. With this interpretation in mind, the oscillator’s weakness could be just a brief pause on the way up, not the end of the road.

The Commodity Channel Index (CCI) returned to the neutral zone after exiting oversold territory, which is typical for the completion of the correction phase, followed by a consolidation period before a new trend emerges. Combined with the behavior of other oscillators, this backs up the idea of accumulation near the support level.

The fundamental picture is a mixed bag, but expectations of a European Central Bank (ECB) rate hike at its June 11 meeting—driven by accelerating inflation in the region—provide medium-term support for the single currency. Under these circumstances, the market tends to move within a certain range and break through its upper limit when a fresh catalyst appears.

Friday’s US labor market report could be this catalyst. Why? The data has the potential to shift expectations about the Federal Reserve’s (Fed) future monetary policy path and increase dollar volatility. Given the current market environment, this will likely boost the chances of the pair’s rebound from support.

Try out the trading strategy down below:

Buy EURUSD near 1.16190. Place Take profit at 1.16820. Set Stop loss at 1.15890.

This forecast remains relevant between June 3 and June 10, 2026.