The EUR/USD chart currently indicates a bullish trend with upward price movement. Key factors contributing to this momentum include the price being above a significant ascending trend line and the bullish Ichimoku cloud.
In the short term, there is a possibility of price retracement towards the first support level at 1.0783 before potentially resuming its upward trajectory towards the first resistance at 1.0829.
The first support level at 1.0783 is crucial as it represents an area of overlap support where buyers may step in to support the price.
Additionally, the second support level at 1.0734 serves as another level of support, indicating an overlap support area.
On the upside, the first resistance level at 1.0829 acts as a point of resistance during pullbacks, potentially leading to selling pressure.
Similarly, the second resistance level at 1.0861 represents a swing high resistance, reinforcing the likelihood of a price reversal or a potential pause in the upward movement.