The EUR/USD chart is currently in a bearish trend but is expected to potentially rebound at the 1st support level (1.0482), which is noteworthy due to its classification as a swing low support and reinforcement by a 127.20% Fibonacci Extension, providing a strong base for the price. An additional support level is found at 1.0367, acting as pullback support, offering further price support. Regarding resistance, the chart has a 1st resistance level at 1.0575, functioning as a pullback resistance that may initially restrain upward price movements. Moreover, a 2nd resistance level is present at 1.0634, which, also being a pullback resistance, could act as another obstacle to the price’s bullish progress.
The material has been provided by InstaForex Company – www.instaforex.com
The EUR/USD chart is currently in a bearish trend but is expected to potentially rebound at the 1st support level (1.0482), which is noteworthy due to its classification as a swing low support and reinforcement by a 127.20% Fibonacci Extension, providing a strong base for the price. An additional support level is found at 1.0367, acting as pullback support, offering further price support. Regarding resistance, the chart has a 1st resistance level at 1.0575, functioning as a pullback resistance that may initially restrain upward price movements. Moreover, a 2nd resistance level is present at 1.0634, which, also being a pullback resistance, could act as another obstacle to the price’s bullish progress.
The material has been provided by InstaForex Company – www.instaforex.com
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