EURUSD Daily Outlook May 8, 2026 — Euro Pushes to New Weekly High Near 1.1787
News context: Ahead of fresh macro catalysts and shifting dollar sentiment, EURUSD remains in focus for traders watching directional continuation and liquidity reactions.
The EURUSD daily outlook for May 8, 2026 is bullish as the Euro continues its recovery from last week’s lows. The pair opened at 1.17282 and has surged to a session high of 1.17872, currently consolidating at 1.17739–1.17742. This represents a 59-pip intraday gain and the strongest daily candle for EURUSD this week. The move is driven by broad USD softness as markets reassess the Fed’s rate path following weaker-than-expected US data.
The EURUSD daily bias on May 8 is bullish. The weekly narrative has been one of recovery: Monday’s 1.16810 low to today’s 1.17872 high represents a 106-pip weekly recovery. The ICT Power of Three is clearly bullish today — Asia accumulation between 1.17232–1.17350, London manipulation briefly swept the Asian lows at 1.17232, then NY session delivery to the 1.17872 high. This is textbook bullish PO3 delivery.
EURUSD Price Forecast May 8, 2026 — HTF Structure and 4H Analysis
The daily chart shows a clear week-long structure of recovery. The five-day sequence: Mon 1.16918 — Tue 1.16930 — Wed 1.17484 (breakout day) — Thu 1.17237 (pullback) — Fri 1.17741 (current, near weekly high). The pair is building higher lows: 1.16810 (Mon) — 1.16766 (Tue) — 1.16917 (Wed) — 1.17224 (Thu) — 1.17232 (today). Each successive daily low is higher than the last, confirming daily bullish structure.
The 4H chart is where the May 8 EURUSD story is clearest. The last six 4H bars: 1.17237 (Thu close) — 1.17270 (Asia) — 1.17354 (London morning) — 1.17640 (NY session push) — 1.17741 (NY continuation) — current 1.17741. The 4H bullish order block at 1.17330–1.17354 is now confirmed as the foundation of the NY session rally. The 4H bearish fair value gap from Thursday (1.17237–1.17484) has been completely filled, clearing the way for price to test the 1.17852 weekly high set the previous Thursday.
| Timeframe | Structure | Key Level | Bias |
|---|---|---|---|
| Daily | Higher-lows, higher-closes | 1.17232 daily low | Bullish |
| 4H | 4H FVG filled, new highs | 1.17330 OB support | Bullish |
| 1H | Trending up, small FVGs | 1.17640 1H OB | Bullish |
| 15M | Near highs, slight pullback | 1.17714 15M support | Neutral/Bullish |
| 5M | Tight consolidation | 1.17694–1.17752 range | Neutral |
EURUSD Intraday Analysis — 1H and 15-Minute Session Breakdown
The 1-hour chart for May 8 shows textbook ICT delivery. From the London session low at 1.17232 (Judas Swing sweep of Asian range), price has printed six consecutive higher-close 1H bars: 1.17431 — 1.17640 — 1.17690 — 1.17640 (brief pullback) — 1.17652 — 1.17741 — 1.17789. The 1H bullish FVG created by the 15:00 GMT breakout candle (spanning 1.17640–1.17741) is the primary support for the NY continuation leg.
On the 15-minute chart, the NY session shows a series of higher highs: 1.17663 — 1.17788 — 1.17782 — 1.17750 — 1.17790 — 1.17872 — current 1.17742. The 15M equal lows at 1.17664–1.17677 are the nearest sell-side liquidity pool. A 15M sweep of these lows followed by a bullish CHoCH back above 1.17695 would be the optimal long entry for a final push to challenge the 1.17852 weekly high from last Thursday.
5-Minute EURUSD Chart — Microstructure and Immediate Levels
The 5-minute chart shows EURUSD in a controlled pullback from the 1.17872 intraday high. The 5M structure: after printing 1.17872, price retraced through 1.17846 — 1.17806 — 1.17789 — 1.17748 — 1.17695 — currently recovering to 1.17739. The 5M bullish order block at 1.17694–1.17725 (the base of the 1.17872 expansion candle) is the immediate support.
For intraday scalpers, the 5M long trigger is 1.17752 — a 5M close above this level confirms the pullback is complete. The 5M bearish CHoCH level is 1.17673 — a break below here shifts the immediate micro structure bearish for a deeper retest of the 1.17640 1H OB. The key question for today’s NY close: does EURUSD close above 1.17784 (the prior swing high) to confirm breakout intent toward 1.17852+.
Key EURUSD Support and Resistance for May 8, 2026
| Level | Zone Type | Significance |
|---|---|---|
| 1.17967 | Wednesday High | This week’s highest print, major resistance |
| 1.17852 | Last Thursday High / Weekly BSL | Buy-side liquidity target, key weekly resistance |
| 1.17872 | Today’s Session High | Current intraday ceiling |
| 1.17741–1.17789 | 1H Supply FVG | Near-term resistance on bounce |
| 1.17694–1.17725 | 5M Bullish OB | Immediate intraday support |
| 1.17640 | 1H Demand OB | Strong 1H support, key pivot |
| 1.17330–1.17354 | 4H Bullish OB | Deep pullback buy zone |
| 1.17232 | Daily Low / Session Low | Strong demand base for the week |
EURUSD ICT Trade Setup May 8, 2026 — Entry, Stop and Targets
Primary Setup (Bullish) — Buy 5M Pullback to OB: Enter long on a dip to 1.17694–1.17725 with a 5M bullish CHoCH confirmation above 1.17752. Stop: below 1.17640. Targets: T1 = 1.17789 (session high area), T2 = 1.17852 (weekly BSL), T3 = 1.17967 (Wednesday high). Risk/reward: 1:2.5 minimum.
Secondary Setup (Bullish) — Break and Retest 1.17852: If today’s 1H bar closes above 1.17852, go long on the first 5M pullback to 1.17820–1.17840. Stop: 1.17760. Target: 1.17967 (Wednesday high) then 1.18000 (psychological). Risk/reward: 1:2.
Economic Context: Today’s EURUSD strength is driven by soft US Weekly Jobless Claims and Eurozone Sentix Confidence improvement. ECB speakers today have maintained a neutral-to-hawkish tone, supporting the Euro. The 1.18000 psychological level is the medium-term bull target — a daily close above 1.17852 would make this level a high-probability destination next week.
EURUSD Daily Outlook May 8, 2026 — Conclusion and Summary
The EURUSD daily outlook for May 8, 2026 is clearly bullish. The pair has recovered from the week’s 1.16766 low to today’s 1.17872 high — a 110-pip weekly recovery — driven by USD weakness and improving Eurozone sentiment. The daily, 4H, and 1H structures are all aligned bullish.
Key points for EURUSD traders on May 8: The pair is approaching the critical 1.17852 weekly resistance — the high from the previous Thursday. A clean daily close above this level would be a powerful weekly breakout signal targeting 1.18000–1.18200. Dips toward 1.17640 should be bought. The bearish scenario requires a daily close below 1.17330 to invalidate the current bullish structure. Overall, the EURUSD bias for May 8 and the near-term outlook remains bullish, with the critical test being the 1.17852–1.17967 supply zone.
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