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01.12.2023 08:52 AM
EUR/USD H4 | Potential bullish bounce?

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The EUR/USD chart suggests the potential for a bullish bounce, with significant support and resistance levels in focus.

Support Levels:

The 1st support at 1.08800 is identified as "An Overlap support," signifying a potential area where buying interest could emerge, playing a crucial role as a support zone. Additionally, the 2nd support at 1.07880 is characterized as "Pullback support," indicating its potential to stabilize price movements.

Resistance Levels:

On the resistance side, the 1st resistance at 1.09570 is labeled "Pullback resistance," suggesting a zone where selling pressure may surface, potentially hindering upward momentum. Furthermore, the 2nd resistance at 1.10190 is supported by "Swing high resistance," emphasizing its significance as a resistance zone.

Dean Leo,
Analytical expert of InstaForex
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