EURUSD is up 2.38% on the day — its largest single-day percentage gain since December 2015, when the pair rose 3.06%. Technically, the rally is pushing the pair toward key resistance from the 2024 highs, which span from 1.1200 to 1.1213. So far today, the high has reached 1.1144.

Looking back to 2024, there’s a broad swing area between 1.1001 and 1.1213 — this was the up-and-down range from August 19 to October 4, before a downside break (see red box on the chart above). Within that range, there's a smaller swing zone around 1.1100, marking the current upper boundary of consolidation. This zone represents an extreme, not a new trading range — at least not yet.

Taking a broader look at the daily chart below, there’s another swing area from 1.1095 to 1.1145. Today’s high at 1.1145 marks a successful initial test of the upper edge of that zone, and traders appear to be leaning against it. A sustained move above 1.1145 would increase bullish momentum, setting sights on the 2023 and 2024 highs at 1.1213 and 1.1271, respectively. A break above those levels would open the door to further upside potential.

On the downside, a move back below 1.1000 would tilt the bias back in favor of sellers and shift control toward the bears.