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04.12.2023 06:12 AM
EUR/USD H4 | Potential Bearish Reversal?

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The EUR/USD chart suggests the potential for a bearish reversal, with notable support and resistance levels influencing its prospective direction.

Resistance Levels:

The 1st resistance at 1.08850 is characterized as "An Overlap resistance." This level acts as a significant barrier to any potential upward price movement, warranting careful consideration by traders. Beyond this, the 2nd resistance level at 1.09556 is categorized as "Pullback resistance," highlighting its importance as a resistance zone due to its alignment with key technical levels.

Support Levels:

On the support side, the 1st support level at 1.07750 is labeled as "Pullback support." This level implies a potential area where buying interest might emerge, potentially preventing further downward movement. Reinforcing this, the 2nd support level at 1.06673 is supported by "An Overlap support," indicating the convergence of multiple indicators or factors, further strengthening its role as a substantial support zone.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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