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23.03.2023 07:56 AM
EURUSD, H4 | Potential Bearish Reversal?

It appears that the overall momentum is bearish, indicating a potential drop in price in the longer term. However, in the short term, price could potentially rise towards the 1st resistance level at 1.093 before reversing and heading towards the 1st support level at 1.077.

At 1.077, we have a strong level of support that coincides with an overlap support level. The 2nd support level at 1.069 is also an overlap support, making it another strong level of support. These levels could potentially provide a bounce if price were to drop.

On the other hand, the 1st resistance level at 1.093 is also an overlap level and coincides with a 161.80% Fibonacci Extension, making it a significant level of resistance. The 2nd resistance level at 1.103 is a swing high resistance level that could provide additional resistance if prices break through the 1st resistance level.

There is also an intermediate support level at 1.080, located between the current price and the 1st support level. If price were to break this intermediate support level, it could trigger a stronger bearish acceleration towards the 1st support.

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