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

This image is no longer relevant

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
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback