The EUR/USD chart suggests a potential bullish bounce, influenced by significant support and resistance levels. The 1st resistance at 1.10076, known as "An Overlap resistance," presents a notable barrier to upward price movement. Similarly, the 2nd resistance at 1.10616, categorized as "Swing high resistance," further solidifies its role as a substantial resistance zone.
On the support side,
the 1st support level at 1.09577, labeled "An Overlap support," indicates a potential area for buying interest, possibly facilitating a bounce. The 2nd support at 1.08795, supported by "An Overlap support," signifies the convergence of multiple factors, reinforcing its position as a significant support zone. Traders can consider these levels as critical reference points for EUR/USD strategies, while prudent risk management is essential in the dynamic Forex market.
