The EUR/USD chart exhibits bullish momentum, signaling an upward trend in the market.
This momentum is reinforced by the price's position above a significant ascending trend line, indicating the potential for further upward movement.
There is a chance of a bullish rebound from the initial support level at 1.0783, potentially driving the price higher towards the first resistance level at 1.0829.
Both the first support at 1.0783 and the second support at 1.0734 are considered overlap supports, underscoring their importance as potential entry points for buyers.
On the upside, the first resistance level at 1.0829 serves as an overlap resistance, potentially impeding upward price movements.
Furthermore, the second resistance level at 1.0861 aligns with the 50% Fibonacci retracement, further enhancing its significance as a potential barrier to upward momentum.
