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29.11.2023 06:01 AM
EUR/USD H4 | Bearish react off resistance?

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The EUR/USD is currently signalling the potential for a bearish reversal, with significant support and resistance levels playing vital roles in determining its future direction.

In terms of resistance, the 1st resistance at 1.10076 is labelled as "An Overlap resistance." This level represents a substantial hurdle to any potential upward price movement, making it a key consideration for traders. Additionally, the 2nd resistance at 1.10616 is categorized as "Swing high resistance," further highlighting its critical role as a resistance zone, especially due to its alignment with key technical levels.

On the support side, the 1st support at 1.09570 is designated as "Pullback support." This level implies a zone where buying interest may emerge, potentially acting as a barrier against further declines. Complementing this, the 2nd support at 1.08795 is backed by "An Overlap support," indicating the convergence of multiple indicators or factors, strengthening its position as a substantial support zone.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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