The EUR/USD chart shows a bearish momentum, indicating potential downward movement. Traders should consider a possible continuation of the bearish momentum towards the 1st support level at 1.08471, which acts as an overlap support. Additionally, the 2nd support level at 1.07891, coinciding with the 61.8% Fibonacci Retracement and 100% Fibonacci Projection, reinforces its significance.
For upside movement, the 1st resistance level at 1.09118 acts as a significant overlap resistance that sits above the 78.6% Fibonacci Projection. The 2nd resistance level at 1.09963, an overlap resistance aligned with the 78.60% Fibonacci Retracement, further strengthens its importance.
The material has been provided by InstaForex Company – www.instaforex.com
The EUR/USD chart shows a bearish momentum, indicating potential downward movement. Traders should consider a possible continuation of the bearish momentum towards the 1st support level at 1.08471, which acts as an overlap support. Additionally, the 2nd support level at 1.07891, coinciding with the 61.8% Fibonacci Retracement and 100% Fibonacci Projection, reinforces its significance.
For upside movement, the 1st resistance level at 1.09118 acts as a significant overlap resistance that sits above the 78.6% Fibonacci Projection. The 2nd resistance level at 1.09963, an overlap resistance aligned with the 78.60% Fibonacci Retracement, further strengthens its importance.
The material has been provided by InstaForex Company – www.instaforex.com
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