The EUR/USD chart indicates the potential for a bullish bounce, with significant support and resistance levels playing a crucial role in its price dynamics.
Support Levels:
The 1st support level at 1.07485 is identified as "An Overlap support." This level signifies a zone where buying interest may emerge, potentially serving as a strong support zone. Additionally, the 2nd support level at 1.06680 is characterized by "An Overlap support," further reinforcing its role as a substantial support zone.
Resistance Levels:
On the resistance side, the 1st resistance level at 1.08175 is marked as "An Overlap resistance." This level implies a zone where selling pressure might surface, potentially hindering further upward momentum. Furthermore, the 2nd resistance level at 1.08793 is also categorized as "An Overlap resistance," emphasizing its role as a significant resistance zone.
