The EUR/USD (Euro/US Dollar), the potential bullish bounce scenario is outlined as follows:
Support Levels:
The 1st support level is identified at 1.0797, characterized as "Pullback support." This level suggests that after a retracement in price, buyers have historically entered the market, indicating a potential area of support where bullish momentum may resume.
The 2nd support level is observed at 1.0745, labeled as "An Overlap support." Historical price action indicates significant buying interest around this level, reinforcing its role as a support zone.
Resistance Levels:
The 1st resistance level is situated at 1.0862, denoted as "Pullback resistance." This level suggests a significant barrier to further upward movement, where price may encounter selling pressure as it retraces from recent highs.
The 2nd resistance level is at 1.0906, marked as "An Overlap resistance." This level indicates a potential area of strong historical resistance, where previous price action has encountered selling pressure, potentially limiting further bullish movement.
