The EUR/USD chart displays a bullish bias, as the price is currently within a bullish ascending channel. This indicates that there is a possibility of a continued upward trend. If the bullish momentum persists, the price may break through the 1st resistance level and head towards the 2nd resistance level.
The 1st support level at 1.09 is an important level to watch out for as it is an overlap support and coincides with a 50% Fibonacci retracement level. This indicates that the price may find support at this level and potentially reverse its direction. Another support level to consider is the 2nd support level at 1.08, which is a multi-swing low support that may also act as a strong support level.
On the other hand, the 1st resistance level at 1.1020 is an overlap resistance and coincides with a 100% Fibonacci projection level. If the price manages to break through this resistance level, it may head towards the 2nd resistance level at 1.1079, which is an overlap resistance and coincides with a 38.20% Fibonacci retracement level. These resistance levels may provide strong resistance to the price's upward movement.
