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30.11.2023 05:33 AM
EUR/USD H4 | Potential bullish bounce?

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The EUR/USD chart suggests a potential bullish bounce, influenced by significant support and resistance levels. The 1st resistance at 1.10076, known as "An Overlap resistance," presents a notable barrier to upward price movement. Similarly, the 2nd resistance at 1.10616, categorized as "Swing high resistance," further solidifies its role as a substantial resistance zone.

On the support side,

the 1st support level at 1.09577, labeled "An Overlap support," indicates a potential area for buying interest, possibly facilitating a bounce. The 2nd support at 1.08795, supported by "An Overlap support," signifies the convergence of multiple factors, reinforcing its position as a significant support zone. Traders can consider these levels as critical reference points for EUR/USD strategies, while prudent risk management is essential in the dynamic Forex market.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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