The EUR/USD chart is currently showing a bullish trend, indicating the potential for further price increases in the near future. As of the time of writing, the price is trading around 1.1105.
Should the bullish momentum continue, there is a possibility of a breakout above the current level, leading the price to rise towards the 1st resistance level at 1.1178. This resistance level is a swing high resistance and coincides with a strong 127.20% Fibonacci Extension level, making it a formidable barrier for the price to breach.
On the support side, the 1st support level at 1.1035 has shown strength in holding the price up and is a key pullback support level. If the price were to break through this support level, the next level down is the 2nd support level at 1.0976, which is another overlap support level that the price has bounced off multiple times in the past.
It is worth noting that there is also an intermediate resistance at 1.1066, between the current price and the 1st resistance level. A break of this intermediate resistance could trigger a stronger bullish acceleration towards the 1st resistance level.
