The EUR/USD pair is showing a bearish trend, potentially leading to a price drop towards the 1st support at 1.1029 after a bearish reaction at the 1st resistance. This support acts as a pullback support, providing price stability. Should this level be broken, the 2nd support at 1.0847, a multi-swing low support, offers further protection against price decline. Resistance-wise, the 1st resistance at 1.1253, aligning with a 61.80% Fibonacci retracement and a 100% Fibonacci projection, could challenge bullish movements. If breached, the 2nd resistance at 1.1509, an overlap resistance, becomes the next key obstacle.
The material has been provided by InstaForex Company – www.instaforex.com
The EUR/USD pair is showing a bearish trend, potentially leading to a price drop towards the 1st support at 1.1029 after a bearish reaction at the 1st resistance. This support acts as a pullback support, providing price stability. Should this level be broken, the 2nd support at 1.0847, a multi-swing low support, offers further protection against price decline. Resistance-wise, the 1st resistance at 1.1253, aligning with a 61.80% Fibonacci retracement and a 100% Fibonacci projection, could challenge bullish movements. If breached, the 2nd resistance at 1.1509, an overlap resistance, becomes the next key obstacle.
The material has been provided by InstaForex Company – www.instaforex.com
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