The EUR/USD chart suggests the potential for a bullish bounce, with significant support and resistance levels influencing its prospective direction.
Support Levels:
At 1.07500, the 1st support is characterized as "Pullback support." This level implies a zone where buying interest may emerge, potentially facilitating a bounce. Similarly, the 2nd support at 1.06673 is identified as "An Overlap support," indicating its potential significance in providing support to the price.
Resistance Levels:
On the resistance side, the 1st resistance level at 1.08540 is labeled as "An Overlap resistance." This level represents a significant barrier to further upward price movement and should be closely monitored by traders. Additionally, the 2nd resistance at 1.09556 is categorized as "Pullback resistance," highlighting its role as a significant resistance zone due to its alignment with key technical levels.
